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<SEC-DOCUMENT>0001104659-10-009139.txt : 20100224
<SEC-HEADER>0001104659-10-009139.hdr.sgml : 20100224
<ACCEPTANCE-DATETIME>20100224152042
ACCESSION NUMBER:		0001104659-10-009139
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		27
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100224
DATE AS OF CHANGE:		20100224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSALTA CORP
		CENTRAL INDEX KEY:			0001144800
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15214
		FILM NUMBER:		10629621

	BUSINESS ADDRESS:	
		STREET 1:		110 12TH AVE SW BOX 1900 STATION M
		STREET 2:		CALGARY ALBERTA T2P 2MI
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P2M1
		BUSINESS PHONE:		2128948400

	MAIL ADDRESS:	
		STREET 1:		110-12TH AVENUE SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P2M1
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>a10-4104_140f.htm
<DESCRIPTION>40-F
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">UNITED
STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Washington,
D.C. 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">FORM&nbsp;40-F</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#160;[Check one]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">o</font></b></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">REGISTRATION STATEMENT
  PURSUANT TO SECTION&nbsp;12 OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Wingdings" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt 29.5pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">OR</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt 29.5pt;text-align:center;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">x</font></b></p>
  </td>
  <td width="96%" valign="top" style="padding:0in 0in 0in 0in;width:96.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANNUAL REPORT PURSUANT
  TO SECTION&nbsp;13(a)&nbsp;OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF
  1934</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For the fiscal
year ended &nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31, 2009&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#160;&#160;&#160;&#160;&#160; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission
file number&nbsp;&nbsp;&nbsp;&nbsp;001-15214</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TRANSALTA
CORPORATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Exact name of
Registrant as specified in its charter)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Not
applicable</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Translation of
Registrant&#146;s name into English (if applicable))</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Canada</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Province or other
jurisdiction of incorporation or organization)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">4911</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Primary Standard
Industrial Classification Code Number (if applicable))</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Not
Applicable</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(I.R.S Employer
Identification Number (if applicable))</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">110-12</font></b><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;position:relative;top:-3.0pt;">th</font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">&#160;Avenue S.W., Box 1900, Station &#147;M&#148;,</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Calgary,
Alberta, Canada, T2P 2M1,</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">(403)
267-7110</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Address and telephone number of Registrant&#146;s
principal executive offices)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CT
Corporation System, 111 8</font></b><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;position:relative;top:-3.0pt;">th</font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">&#160;Avenue, 13</font></b><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;position:relative;top:-3.0pt;">th</font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">&#160;Floor,</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">New York,
New York, 10011, (212) 894-8400</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Name, address (including zip code) and telephone
number (including area code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">of agent for service in the United States)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Securities
registered or to be registered pursuant to Section&nbsp;12(b)&nbsp;of the Act:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Title of each class</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Name of each exchange</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">on which registered</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Common Shares, no par
  value</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">New York Stock Exchange</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Common Share Purchase Rights</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">New York Stock Exchange</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="155" style="border:none;"></td>
  <td width="219" style="border:none;"></td>
  <td width="257" style="border:none;"></td>
  <td width="117" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Securities
registered or to be registered pursuant to Section&nbsp;12(g)&nbsp;of the Act:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">None</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Title of Class)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Securities for which there is a reporting obligation
pursuant to Section&nbsp;15(d)&nbsp;of the Act:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">None</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">(Title of Class)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For annual reports, indicate by check mark the
information filed with this form:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">x</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Annual information form&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">x</font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><font size="2" style="font-size:11.0pt;">Audited annual
financial statements</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2<a name="PB_2_113705_9995"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Indicate the number of outstanding shares of each of
the issuer&#146;s classes of capital or common stock as of the close of the period
covered by the annual report:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">At December&nbsp;31, 2009, 218,404,442 common shares
were issued and outstanding.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Indicate by check mark whether the Registrant by
filing the information contained in this Form&nbsp;is also thereby furnishing
the information to the Commission pursuant to Rule&nbsp;12g3-2(b)&nbsp;under
the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). If &#147;Yes&#148; is marked,
indicate the file number assigned to the Registrant in connection with such
Rule.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yes <b>&#160;</b></font><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">o</font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">&#160;&#160;&#160; </font></b><font size="2" style="font-size:11.0pt;">82-______</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#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><font size="2" style="font-size:11.0pt;">No&#160; </font><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">x</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Indicate by check mark whether the Registrant (1)&nbsp;has
filed all reports required to be filed by Section&nbsp;13 or 15(d)&nbsp;of the
Exchange Act during the preceding 12 months (or for such shorter period that
the Registrant was required to file such reports) and (2)&nbsp;has been subject
to such filing requirements for the past 90 days.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yes&#160; </font><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">x</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:11.0pt;">No&#160;
</font><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">o</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule&nbsp;405
of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the Registrant was required to submit and post
such files).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yes&#160; </font><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">x</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:11.0pt;">No&#160;
</font><b><font size="2" face="Wingdings" style="font-size:11.0pt;font-weight:bold;">o</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">INCORPORATION
BY REFERENCE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The documents forming part of this Form&nbsp;40-F
are incorporated by reference into the following registration statements under
the Securities Act of 1933, as amended.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><u><font size="2" face="Times New Roman" style="font-size:11.0pt;">Form</font></u><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:11.0pt;">Registration No.</font></u></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">S-8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#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><font size="2" style="font-size:11.0pt;">333-72454</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">S-8</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#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><font size="2" style="font-size:11.0pt;">333-101470</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">F-10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">333-155243</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">F-10</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">333-162418</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CONSOLIDATED
AUDITED ANNUAL FINANCIAL STATEMENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">AND
MANAGEMENT&#146;S DISCUSSION&nbsp;&amp; ANALYSIS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-45.0pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">A.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Consolidated Audited
Annual Financial Statements</font></b></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-45.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For consolidated audited
annual financial statements, including the report of independent chartered
accountants with respect thereto, see Exhibit&nbsp;13.3 incorporated by
reference herein.&#160; For the related
supplementary note entitled &#147;Reconciliation to United States Generally Accepted
Accounting Principles&#148; containing a reconciliation of the important differences
between Canadian and United States generally accepted accounting principles,
see Exhibit&nbsp;13.4 incorporated by reference herein.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3<a name="PB_3_114101_6763"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-45.0pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">B.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:11.0pt;font-weight:bold;">Management&#146;s Discussion
and Analysis</font></b></p>

<p style="margin:0in 0in .0001pt 45.0pt;text-indent:-45.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For management&#146;s discussion
and analysis, see Exhibit&nbsp;13.2 incorporated by reference herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">DISCLOSURE CONTROLS AND PROCEDURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">As required by Rule&nbsp;13a-15 under the Securities
Exchange Act of 1934, management has evaluated, with the participation of our
Chief Executive Officer and Chief Financial Officer, the effectiveness of our
disclosure controls and procedures as of the end of the period covered by this
report.&#160; Disclosure controls and
procedures refer to controls and other procedures designed to ensure that
information required to be disclosed in the reports we file or submit under the
Exchange Act are recorded, processed, summarized and reported, within the time
periods specified in the rules&nbsp;and forms of the Securities and Exchange
Commission.&#160; Disclosure controls and
procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed by us in our reports that we
file or submit under the Exchange Act is accumulated and communicated to
management, including our Chief Executive Officer and Chief Financial Officer,
as appropriate to allow timely decisions regarding our required
disclosure.&#160; In designing and evaluating
our disclosure controls and procedures, management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives, and
management was required to apply its judgment in evaluating and implementing
possible controls and procedures.&#160; Based
on the foregoing evaluation, our Chief Executive Officer and Chief Financial
Officer have concluded that, as of December&nbsp;31, 2009, the end of the
period covered by this report, our disclosure controls and procedures were
effective at a reasonable assurance level.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">MANAGEMENT&#146;S ANNUAL REPORT ON INTERNAL CONTROL</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">OVER FINANCIAL REPORTING</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Management is responsible
for establishing and maintaining adequate internal control over financial
reporting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Internal control over
financial reporting refers to a process designed by, or under the supervision
of, our Chief Executive Officer and Chief Financial Officer and effected by our
board of directors, management and other personnel, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles and includes those policies and procedures that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of our assets;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that our receipts and
expenditures are being made only in accordance with authorizations of our
management and members of our board of directors; and</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">provide reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of our assets that could have
a material effect on our financial statements.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4<a name="PB_4_114146_158"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Management evaluated the effectiveness of our internal
control over financial reporting as of December&nbsp;31, 2009 using the
framework set forth in the report of the Treadway Commission&#146;s Committee of
Sponsoring Organizations (COSO), &#147;Internal Control &#151; Integrated Framework.&#148;&#160; Management has concluded that our internal
control over financial reporting was effective as of December&nbsp;31,
2009.&#160; Certain matters relating to the
scope of Management&#146;s evaluation and limitations of management&#146;s conclusions
are described below.&#160; See &#147;Limitations
and Scope of Management&#146;s Report on Internal Control over Financial Reporting.&#148;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Our independent registered public accounting firm,
Ernst&nbsp;&amp; Young LLP, has issued an attestation report on the
effectiveness of our internal control over financial reporting as of December&nbsp;31,
2009.&#160; For Ernst&nbsp;&amp; Young LLP&#146;s
report see page&nbsp;3 of the Consolidated Annual Financial Statements for the
year ended December&nbsp;31, 2009 filed as Exhibit&nbsp;13.3 and incorporated
by reference herein, under the heading &#147;Independent Auditors&#146; Report on
Internal Controls Under Standards of the Public Company Accounting Oversight
Board (United States)&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">There has been no change in the internal control over
financial reporting during the year covered by this report that has materially
affected, or is reasonably likely to materially affect, the Company&#146;s internal
control over financial reporting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">LIMITATIONS
AND SCOPE OF MANAGEMENT&#146;S</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">REPORT
ON INTERNAL CONTROL OVER FINANCIAL REPORTING</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Internal control over
financial reporting cannot provide absolute assurance of achieving financial
reporting objectives because of its inherent limitations.&#160; Internal control over financial reporting is
a process that involves human diligence and compliance and is subject to lapses
in judgment and breakdowns resulting from human failures.&#160; Internal control over financial reporting
also can be circumvented by collusion or improper override.&#160; Because of such limitations, there is a risk
that material misstatements may not be prevented or detected on a timely basis
by internal control over financial reporting.&#160;
However, these inherent limitations are known features of the financial
reporting process, and it is possible to design into the process safeguards to
reduce, though not eliminate, this risk.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Management has not evaluated
the internal controls of the Sheerness, CE Generation and Genesee 3 joint
ventures (collectively, the &#147;Excluded Entities&#148;), in accordance with Frequently
Asked Questions Nos. 1 and 15 of &#147;Management&#146;s Report on Internal Control Over
Financial Reporting and Certification of Disclosure in Exchange Act Periodic
Reports,&#148; of the Office of the Chief Accountant of the Division of Corporation
Finance of the Securities and Exchange Commission (revised September&nbsp;24,
2007) (the &#147;FAQ&#148;).&#160; Accordingly,
management&#146;s evaluation of </font><font size="2" style="font-size:11.0pt;">the Company&#146;s internal control over financial reporting did not include
an evaluation of the internal controls of any of the Excluded Entities, and
management&#146;s conclusion regarding the effectiveness of the Company&#146;s internal
control over financial reporting does not extend to the internal controls of
any of the Excluded Entities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Proportionate consolidation of the Excluded Entities
contributes to the Company&#146;s financial statements as of and for the year ended December&nbsp;31,
2009 in the amount of $1,576 million
of the Company&#146;s total assets, $849 million
of net assets, $437 million of
revenues and $79 million of net
earnings.&#160; The Company&#146;s financial
statements include the accounts of the Excluded Entities, accounted for via
proportionate consolidation, in accordance with EITF 00-1, but management has
been unable to assess the effectiveness of internal control at the Excluded
Entities because the Company does not have the ability to dictate or modify the
controls of the Excluded Entities and does not have the ability, in practice,
to assess those controls.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5<a name="PB_5_114256_5753"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">On November&nbsp;4, 2009 the Company completed its
acquisition of all of the outstanding common shares of Canadian Hydro Developers,&nbsp;Inc.
(&#147;Canadian Hydro&#148;).&#160; Management has not
evaluated the internal controls of Canadian Hydro in accordance with Frequently
Asked Question No.&nbsp;3 of the FAQ.&#160; As
a result, management&#146;s evaluation of the Company&#146;s internal control over
financial reporting did not include an evaluation of the internal controls of
Canadian Hydro and management&#146;s conclusion regarding the effectiveness of the
Company&#146;s internal control over financial reporting does not extend to the
internal controls of Canadian Hydro.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Inclusion of Canadian Hydro in the Company&#146;s financial
statements as of and for the year ended December&nbsp;31, 2009 contributed
$1,534 million of the Company&#146;s total assets, $484 million of net assets, $29
million of revenues, and net earnings of nil.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">AUDIT
COMMITTEE FINANCIAL EXPERT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Registrant&#146;s board of directors has determined
that it has at least one audit committee financial expert serving on its Audit
and Risk Committee (the &#147;ARC&#148;).&#160; Mr.&nbsp;William
D. Anderson has been determined to be an audit committee financial expert,
within the meaning of Section&nbsp;407 of the United States Sarbanes-Oxley Act
of 2002 (&#147;Sarbanes-Oxley&#148;), and is independent, as that term is defined by the
New York Stock Exchange&#146;s (&#147;NYSE&#148;) listing standards applicable to the
Registrant.&#160; Mr.&nbsp;Gordon S.
Lackenbauer has also been determined to be an audit committee financial expert
for purposes of Section&nbsp;407 of Sarbanes-Oxley and independent under the
applicable NYSE listing standards.&#160; Under
Securities and Exchange Commission rules&nbsp;the designation of persons as
audit committee financial experts does not make them &#147;experts&#148; for any other
purpose, impose any duties, obligations or liability on them that are greater
than those imposed on members of their committee and the board of directors who
do not carry this designation or affect the duties, obligations or liability of
any other member of their committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">CODE OF
ETHICS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Registrant has adopted a code of ethics as part of
its &#147;Corporate Code of Conduct&#148; that applies to all employees and officers
which has been filed with the Securities and Exchange Commission.&#160; In addition, the Registrant has adopted a
code of conduct applicable to all directors of the Company and a separate
financial code of conduct which applies to all financial management
employees.&#160; The Registrant&#146;s Corporate
Codes of Conduct are available on its Internet website at <u>www.transalta.com</u>.&#160; There has been no waiver of the codes granted
during the 2009 fiscal year.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6<a name="PB_6_114324_1002"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">PRINCIPAL
ACCOUNTANT FEES AND SERVICES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For the years ended December&nbsp;31, 2009
and December&nbsp;31, 2008, Ernst&nbsp;&amp; Young LLP and its affiliates were
paid $3,562,032 and $3,372,142 respectively, as detailed below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="75%" style="border-collapse:collapse;width:75.0%;">
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Ernst&nbsp;&amp; Young LLP</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Year
  Ended Dec.&nbsp;31</font></p>
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2008</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="3" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Audit
  Fees</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.76%;">
  <p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,679,080</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
  <p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,594,183</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Audit
  related fees</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">824,631</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">432,343</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Tax
  fees</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">58,321</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">345,616</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.34%;">
  <p style="margin:0in 0in .0001pt 15.15pt;text-indent:-10.1pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.76%;">
  <p align="right" style="margin:0in 2.15pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.34%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,562,032</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.54%;">
  <p align="right" style="margin:0in 5.05pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,372,142</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">No other audit
firms provided audit services in 2009 or 2008.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The nature of
each category of fees is described below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit Fees</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Audit fees were paid for professional
services rendered by the auditors for the audit of the Company&#146;s annual
financial statements or services provided in connection with statutory and
regulatory filings or engagements, including the translation from English to
French of the Company&#146;s financial statements and other documents. Total audit
fees for 2009 include payments related to 2008 in the amount of
$1,212,080.&#160; Total audit fees for 2008
include payments related to 2007 in the amount of $1,403,923.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit-Related Fees</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The audit-related fees in 2009 were primarily
for work performed by Ernst&nbsp;&amp; Young LLP in relation to the
implementation of International Financial Reporting Standards, public equity
and debt offerings and miscellaneous accounting advice provided to the
Corporation.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Fees</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The majority of tax fees for 2009 relate to
various tax related matters in our foreign operations.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Approval Policies and
Procedures</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The ARC has considered whether the provision
of services other than audit services is compatible with maintaining the
auditors&#146; independence.&#160; In May&nbsp;2002,
the ARC adopted a policy that prohibits TransAlta from engaging the auditors
for &#147;prohibited&#148; categories of non-audit services and requires pre-approval of
the ARC for other permissible categories of non-audit services, such categories
being determined under the Sarbanes-Oxley Act.&#160;
The policy also provides that the Chair of the ARC may approve
permissible non-audit services during the quarter and report such approval to
the ARC at its next regularly scheduled meeting.&#160; In addition, this year, the ARC granted
management the authority to approve <i>de minimus</i>
permissible non-audit services (which are in the aggregate the lesser of 5% of
the total fees paid to the external auditors or CAD$125,000) provided such
services are reported to the ARC at its next scheduled meeting.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7<a name="PB_7_114721_1031"></a></font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Percentage
of Services Approved by the ARC</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For the year ended December&nbsp;31, 2009, none of the
services described above were approved by the ARC pursuant to paragraph
(c)(7)(i)(C)&nbsp;of Rule&nbsp;2-01 of Regulation S-X.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">OFF-BALANCE
SHEET ARRANGEMENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.35in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">See page&nbsp;27 of Exhibit&nbsp;13.2, incorporated by
reference herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TABULAR DISCLOSURE
OF CONTRACTUAL OBLIGATIONS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.35in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">See page&nbsp;27 of Exhibit&nbsp;13.2, incorporated by
reference herein, under the heading &#147;Liquidity and Capital Resources&#148; and page&nbsp;40
of Exhibit&nbsp;13.3, incorporated by reference herein, under the heading &#147;Commitments&#148;.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">IDENTIFICATION
OF THE AUDIT COMMITTEE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.35in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Registrant has a separately-designated standing
ARC.&#160; The members of the ARC are:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.35in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">William D. Anderson
(Chair)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Stephen L. Baum</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Michael M. Kanovsky</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Gordon S. Lackenbauer</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Donna S. Kaufman&#160; (ex-officio member)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8<a name="PB_8_114801_7990"></a></font></p>

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</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">FORWARD LOOKING INFORMATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This Form&nbsp;40-F, the
documents incorporated herein by reference, and other reports and filings made
with the securities regulatory authorities, include forward looking
statements.&nbsp; All forward looking statements are based on TransAlta&#146;s
beliefs as well as assumptions based on information available at the time the
assumption was made and on management&#146;s experience and perception of historical
trends, current conditions and expected further developments as well as other
factors deemed appropriate in the circumstances.&#160; Forward looking statements are not facts, but
only predictions and generally can be identified by the use of statements that
include phrases such as &#147;may&#148;, &#147;will&#148;, &#147;believe&#148;, &#147;expect&#148;, &#147;anticipate&#148;, &#147;intend&#148;,
&#147;plan&#148;, &#147;foresee&#148;, &#147;potential&#148;, &#147;enable&#148;, &#147;continue&#148; or other comparable
terminology.&#160; These statements are not
guarantees of TransAlta&#146;s future performance and are subject to risks,
uncertainties and other important factors that could cause TransAlta&#146;s actual
performance to be materially different from those projected.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">In particular, this Form&nbsp;40-F
and the documents incorporated herein by reference contain forward looking
statements pertaining to the following: expectations relating to the timing of
the completion and commissioning of projects under development and their
attendant costs; expectations relating to the timing and cost of planned
uprates and upgrades at various facilities; expectations relating to the timing
of the completion of the study regarding carbon capture and storage and the
cost of the study; estimates of recoverable coal reserves at the Corporation&#146;s
Alberta mines; TransAlta&#146;s plans to invest in new capacity; expectations for
demand of electricity in both the short and long term; expectations in respect
of generation production; expected environmental governmental regulatory
regimes and the potential impact on the Corporation; the Corporation&#146;s trading
strategies and expected contribution to gross margins; and expectations
relating to the renegotiation of certain of the collective bargaining
agreements to which TransAlta is a party.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Factors that may
adversely impact the Corporation&#146;s forward looking statements include risks
relating to: (i)&nbsp;fluctuations in market prices and availability of fuel
supplies required to generate electricity and in the price of electricity; (ii)&nbsp;the
regulatory and political environments in the jurisdictions in which the
Corporation operates; (iii)&nbsp;environmental requirements and changes in, or
liabilities under, these requirements; (iv)&nbsp;changes in general economic
conditions including interest rates; (v)&nbsp;operational risks involving the
Corporation&#146;s facilities, including unplanned outages at such facilities; (vi)&nbsp;disruptions
in the transmission and distribution of electricity; (vii)&nbsp;effects of
weather; (viii)&nbsp;disruptions in the source of fuels, water, wind or biomass
required to operate the Corporation&#146;s facilities; (ix)&nbsp;natural disasters; (x)&nbsp;equipment
failure; (xi) trading risks; (xii) industry risk and competition; (xiii)
fluctuations in the value of foreign currencies and foreign political risks;
(xiv) need for additional financing; (xv) structural subordination of
securities; (xvi) counterparty credit risk; (xvii) insurance coverage; (xviii)
the Corporation&#146;s provision for income taxes; (xix) legal proceedings involving
the Corporation; (xx) reliance on key personnel (xxi) labour relations matters;
and (xxii) development projects and acquisitions.&nbsp; The foregoing risk
factors, among others, are described in further detail under the heading &#147;Risk
Factors&#148; in TransAlta&#146;s Annual Information Form&nbsp;and Management&#146;s
Discussion and Analysis for the year ended December&nbsp;31, 2009 (the &#147;<b>Annual MD&amp;A</b>&#148;) incorporated herein by
reference.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Readers are urged to
consider these factors carefully in evaluating the forward looking statements
and are cautioned not to place undue reliance on these forward looking
statements.&nbsp; The forward looking statements included in this document are
made only as of the date hereof and the Corporation does not undertake to
publicly update these forward looking statements to reflect new information,
future events or otherwise, except as required by applicable laws.&nbsp; In
light of these risks, uncertainties and assumptions, the forward looking events
might occur to a different extent or at a different time than the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9<a name="PB_9_115003_2846"></a></font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Corporation has described
or might not occur.&nbsp; The Corporation cannot assure you that projected
results or events will be achieved.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">10<a name="PB_10_115015_457"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">DOCUMENTS FILED AS PART&nbsp;OF
THIS REPORT AND EXHIBITS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:27.0pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The following items are specifically incorporated by
reference in, and form an integral part of, this filing on Form&nbsp;40-F:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TransAlta
  Corporation Annual Information Form&nbsp;for the year ended December&nbsp;31,
  2009.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Management&#146;s
  Discussion and Analysis.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Consolidated Audited
  Annual Financial Statements for the year ended December 31, 2009.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Reconciliation
  to United States Generally Accepted Accounting Principles of the 2009
  Consolidated Audited Annual Financial Statements.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Management&#146;s
  Annual Report on Internal Control over Financial Reporting, (included on page
  2 of Exhibit&nbsp;13.3 filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Independent
  Auditor&#146;s Report on Internal Controls under Standards of the Public Company
  Accounting Oversight Board (United States), (included on page 3 of Exhibit&nbsp;13.3
  filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Consent of Ernst
  and Young LLP Chartered Accountants.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">31.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certification of
  Chief Executive Officer pursuant to Section&nbsp;302 of the <i>Sarbanes-Oxley Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">31.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certification of
  Chief Financial Officer pursuant to Section&nbsp;302 of the <i>Sarbanes-Oxley Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">32.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certification of
  President and Chief Executive Officer pursuant to Section&nbsp;906 of the <i>Sarbanes-Oxley Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">32.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.08%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certification of Chief Financial Officer pursuant to
  Section&nbsp;906 of the <i>Sarbanes-Oxley Act of
  2002</i>.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">11<a name="PB_11_115056_2959"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='11',FILE='C:\JMS\105570\10-4104-1\task3950829\4104-1-ba.htm',USER='105570',CD='Feb 24 08:52 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">UNDERTAKING</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TransAlta Corporation undertakes to make available, in
person or by telephone, representatives to respond to inquiries made by the
Commission staff, and to furnish promptly, when requested to do so by the
Commission staff, information relating to: the securities registered pursuant
to Form&nbsp;40-F; the securities in relation to which the obligation to file
an annual report on Form&nbsp;40-F arises; or transactions in said securities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Pursuant to the requirements of the Exchange Act, the
Registrant certifies that it meets all of the requirements for filing on Form&nbsp;40-F
and has duly caused this annual report to be signed on its behalf by the
undersigned, thereto duly authorized, in the City of Calgary, Province of
Alberta, Canada.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TRANSALTA
  CORPORATION</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">/s/ Brian Burden</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Brian Burden</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Chief Financial
  Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Dated: February&nbsp;24,
  2010</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">12<a name="PB_12_115155_3011"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">TransAlta
  Corporation Annual Information Form&nbsp;for the year ended December&nbsp;31,
  2009.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Management&#146;s
  Discussion and Analysis.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Consolidated
  Audited Annual Financial Statements for the year ended December&nbsp;31,
  2009.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Reconciliation
  to United States Generally Accepted Accounting Principles of the 2009 Consolidated
  Audited Annual Financial Statements.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Management&#146;s
  Annual Report on Internal Control over Financial Reporting, (included on page
  2 of Exhibit&nbsp;13.3 filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">13.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Independent
  Auditor&#146;s Report on Internal Controls under Standards of the Public Company
  Accounting Oversight Board (United States), (included on page 3 of Exhibit&nbsp;13.3
  filed herewith).</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Consent of Ernst
  and Young LLP Chartered Accountants.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">31.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certification of
  Chief Executive Officer pursuant to Section&nbsp;302 and Section&nbsp;404 of
  the <i>Sarbanes-Oxley Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">31.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certification of
  Chief Financial Officer pursuant to Section&nbsp;302 and Section&nbsp;404 of
  the <i>Sarbanes-Oxley Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">32.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certification of
  President and Chief Executive Officer pursuant to Section&nbsp;906 of the <i>Sarbanes-Oxley Act of 2002</i>.</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">32.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Certification of Chief Financial Officer pursuant to
  Section&nbsp;906 of the Sarbanes<i>-Oxley Act of 2002</i>.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">13<a name="PB_13_115202_9487"></a></font></p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>2
<FILENAME>a10-4104_1ex13d1.htm
<DESCRIPTION>EX-13.1 TRANSALTA CORPORATION ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2009.
<TEXT>

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<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;13.1</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSALTA CORPORATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2010 RENEWAL ANNUAL INFORMATION FORM</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR THE YEAR ENDED DECEMBER 31, 2009</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">FEBRUARY 24, 2010</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE OF CONTENTS</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRESENTATION OF INFORMATION</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DOCUMENTS INCORPORATED BY REFERENCE</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CORPORATE STRUCTURE</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OVERVIEW</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GENERAL DEVELOPMENT OF THE BUSINESS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUSINESS OF TRANSALTA</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENVIRONMENTAL RISK MANAGEMENT</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RISK FACTORS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYEES</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAPITAL STRUCTURE</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CREDIT RATINGS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIVIDENDS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MARKET FOR SECURITIES</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRIOR SALES</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIRECTORS AND OFFICERS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL
  TRANSACTIONS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS AND
  SENIOR OFFICERS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CORPORATE CEASE TRADE ORDERS, BANKRUPTCIES OR SANCTIONS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONFLICTS OF INTEREST</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL PROCEEDINGS AND REGULATORY ACTIONS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSFER AGENT AND REGISTRAR</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INTERESTS OF EXPERTS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL INFORMATION</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AUDIT AND RISK COMMITTEE</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">APPENDIX&nbsp;&#147;A&#148; &#150; AUDIT AND RISK COMMITTEE CHARTER</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">APPENDIX&nbsp;&#147;B&#148;
  &#150; GLOSSARY OF TERMS</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">B-1</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRESENTATION
OF INFORMATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise noted, the information contained in this annual
information form (&#147;<b>Annual Information Form</b>&#148;)
is given as at or for the year ended December&nbsp;31, 2009.&#160; Amounts are expressed in Canadian dollars
unless otherwise indicated.&#160; Financial
information is presented in accordance with Canadian generally accepted
accounting principles.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPECIAL
NOTE REGARDING FORWARD LOOKING STATEMENTS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Annual Information Form, the documents incorporated herein by
reference, and other reports and filings made with the securities regulatory
authorities, include forward looking statements.&#160; All forward looking statements are based on
TransAlta&#146;s beliefs as well as assumptions based on information available at
the time the assumption was made and on management&#146;s experience and perception
of historical trends, current conditions and expected further developments as
well as other factors deemed appropriate in the circumstances.&#160; Forward looking statements are not facts, but
only predictions and generally can be identified by the use of statements that
include phrases such as &#147;may&#148;, &#147;will&#148;, &#147;believe&#148;, &#147;expect&#148;, &#147;anticipate&#148;, &#147;intend&#148;,
&#147;plan&#148;, &#147;foresee&#148;, &#147;potential&#148;, &#147;enable&#148;, &#147;continue&#148; or other comparable
terminology.&#160; These statements are not
guarantees of TransAlta&#146;s future performance and are subject to risks,
uncertainties and other important factors that could cause TransAlta&#146;s actual
performance to be materially different from those projected.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In particular, this Annual Information Form&nbsp;contains forward
looking statements pertaining to the following: expectations relating to the
timing of the completion and commissioning of projects under development and
their attendant costs; expectations relating to the timing and cost of planned
uprates and upgrades at various facilities; expectations relating to the timing
of the completion of the FEED (as defined herein) study regarding carbon
capture and storage and the cost of the study; estimates of recoverable coal
reserves at the Corporation&#146;s Whitewood and Highvale mines; TransAlta&#146;s plans
to invest in new capacity; expectations for demand for electricity in both the
short and long term; expectations in respect of generation production;
TransAlta&#146;s plans to install mercury control equipment at its Alberta thermal
operations and its initiative to reduce nitrogen oxide and mercury emissions
from its Centralia Plant; expected governmental regulatory regimes; the
Corporation&#146;s trading strategies; and expectations relating to the
renegotiation of certain of the collective bargaining agreements to which
TransAlta is a party.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Factors that may adversely impact the Corporation&#146;s forward looking
statements include risks relating to: (i)&nbsp;fluctuations in market prices
and availability of fuel supplies required to generate electricity and in the
price of electricity; (ii)&nbsp;the regulatory and political environments in
the jurisdictions in which the Corporation operates; (iii)&nbsp;environmental
requirements and changes in, or liabilities under, these requirements; (iv)&nbsp;changes
in general economic conditions including interest rates; (v)&nbsp;operational
risks involving the Corporation&#146;s facilities, including unplanned outages at
such facilities; (vi)&nbsp;disruptions in the transmission and distribution of
electricity; (vii)&nbsp;effects of weather; (viii)&nbsp;disruptions in the
source of fuels, water, wind or biomass required to operate the Corporation&#146;s
facilities; (ix)&nbsp;natural disasters; (x)&nbsp;equipment failure;
(xi)&nbsp;trading risks; (xii)&nbsp;industry risk and competition;
(xiii)&nbsp;fluctuations in the value of foreign currencies and foreign
political risks; (xiv)&nbsp;need for additional financing; (xv)&nbsp;structural
subordination of securities; (xvi)&nbsp;counterparty credit risk; (xvii)&nbsp;insurance
coverage; (xviii)&nbsp;the Corporation&#146;s provision for income taxes;
(xix)&nbsp;legal proceedings involving the Corporation; (xx)&nbsp;reliance on
key personnel (xxi)&nbsp;labour relations matters; and (xxii)&nbsp;development
projects and acquisitions.&#160; The foregoing
risk factors, among others, are described in further detail under the heading &#147;Risk
Factors&#148; in this Annual Information Form&nbsp;and in the documents incorporated
by reference in this Annual Information Form, including the TransAlta
Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2009
(the &#147;<b>Annual MD&amp;A</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Readers are urged to consider these factors carefully in evaluating the
forward looking statements and are cautioned not to place undue reliance on
these forward looking statements.&#160; The
forward looking statements included in this document are made only as of the
date hereof and the Corporation does not undertake to publicly update these
forward looking statements to reflect new information, future events or
otherwise, except as required by applicable laws.&#160; In light of these risks, uncertainties and
assumptions, the forward looking events might occur to a different extent or at
a different time than the Corporation has described or might not occur.&#160; The Corporation cannot assure you that
projected results or events will be achieved.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DOCUMENTS
INCORPORATED BY REFERENCE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta&#146;s Audited Consolidated Financial Statements for the year
ended December&nbsp;31, 2009 and the Annual MD&amp;A are hereby specifically
incorporated by reference in this Annual Information Form.&#160; Copies of these documents are available on
SEDAR at <u>www.sedar.com</u>.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CORPORATE
STRUCTURE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name and Incorporation</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta Corporation was formed by Certificate of Amalgamation issued
under the <i>Canada Business Corporations Act</i> (the &#147;<b>CBCA</b>&#148;) on October&nbsp;8, 1992.&#160; On December&nbsp;31, 1992, a Certificate of
Amendment was issued in connection with a plan of arrangement involving the
Corporation and TransAlta Utilities Corporation (&#147;<b>TransAlta
Utilities</b>&#148; or &#147;<b>TAU</b>&#148;) under the
CBCA.&#160; The plan of arrangement, which was
approved by shareholders on November&nbsp;26, 1992, resulted in common
shareholders of TransAlta Utilities exchanging their common shares for shares
of TransAlta on a one for one basis.&#160;
Upon completion of the arrangement, TransAlta Utilities became a wholly
owned subsidiary of TransAlta.&#160; On January&nbsp;1,
2009, TransAlta was again issued a Certificate of Amalgamation under the CBCA
in connection with the amalgamation of TransAlta Corporation, TransAlta
Utilities, TransAlta Energy Corporation (&#147;<b>TransAlta Energy</b>&#148;
or &#147;<b>TEC</b>&#148;) and Keephills&nbsp;3 GP Ltd.&#160; The amalgamation was completed as part of a
series of transactions involving TransAlta and certain of its subsidiaries and
affiliates carried out to reorganize (the &#147;<b>Reorganization</b>&#148;)
TransAlta&#146;s interest in certain of its assets.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registered office and principal place of business of TransAlta is
at 110 - 12</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font><font size="2" style="font-size:10.0pt;">&#160;Avenue S.W., Calgary, Alberta, Canada, T2R
0G7.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intercorporate Relationships</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective January&nbsp;1, 2009, the Corporation completed the
Reorganization whereby the assets and business affairs of TAU and TEC (with the
exception of the wind business) were transferred to TransAlta Generation
Partnership, a new Alberta general partnership, whose partners are TransAlta
Corporation and TransAlta Generation Ltd., a wholly owned subsidiary of
TransAlta Corporation.&#160; TransAlta
Generation Partnership is managed by TransAlta Corporation pursuant to the
terms the partnership agreement and a management services agreement.&#160; Immediately following the transfer of assets
by TAU and TEC to TransAlta Generation Partnership, TransAlta Corporation
amalgamated with TAU, TEC, and Keephills&nbsp;3 GP Ltd. pursuant to the
CBCA.&#160; TransAlta remains the holding
entity of the various businesses of the Corporation, some of which are now held
directly, in the case of certain wind assets, and some of which are now held
indirectly, in the case of both the former generation assets and businesses of
TAU and TEC and the assets and business of Canadian Hydro Developers,&nbsp;Inc.
(&#147;<b>Canadian Hydro</b>&#148;).&#160; TransAlta completed its acquisition of
Canadian Hydro on November&nbsp;4, 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of January&nbsp;1, 2009, the principal subsidiaries of the
Corporation and their respective jurisdictions of formation are set out below:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 2 -<a name="PB_2_133255_6479"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="720" height="489" src="g41041kk01i001.jpg"></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes:</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; TransAlta USA Inc. is wholly-owned by
TransAlta Holdings ULC, which is wholly-owned by TransAlta.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The remaining 0.01 per cent interest
in TEC Limited Partnerships is owned by TransAlta (Ft.&nbsp;McMurray) Ltd.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the context otherwise requires, all references to the &#147;<b>Corporation</b>&#148; and to &#147;<b>TransAlta</b>&#148;, &#147;<b>we</b>&#148;, &#147;<b>our</b>&#148; and &#147;<b>us</b>&#148; herein refer to TransAlta Corporation and its
subsidiaries on a consolidated basis.&#160;
References to &#147;TransAlta Corporation&#148; herein refer to TransAlta
Corporation, excluding its subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OVERVIEW</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta and its predecessors have been engaged in the production and
sale of electric energy since 1909.&#160; The
Corporation is among Canada&#146;s largest non-regulated electricity generation and
energy marketing companies with an aggregate net ownership interest of 8,776
megawatts (&#147;<b>MW</b>&#148;) of generating capacity</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font><font size="2" style="font-size:10.0pt;">&nbsp;operating in facilities having
approximately 10,578&nbsp;MW of aggregate generating capacity.&#160; In addition, the Corporation has facilities
under construction with a net ownership interest of 478&nbsp;MW of generating
capacity in facilities designed to have aggregate generating capacity of
703&nbsp;MW, for total net ownership of 9,253 MW of generating capacity in
facilities that have or will have aggregate capacity of 11,281 MW.&#160; The Corporation is focused on generating
electricity in Canada, the United States and Australia through its diversified
portfolio of facilities fuelled by coal, gas, hydroelectric, wind, geothermal
and biomass resources.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In Canada, the Corporation holds a net ownership interest of
6,461&nbsp;MW of electrical generating capacity in thermal, gas fired, wind
powered, hydroelectric and biomass facilities, including 5,244&nbsp;MW in
Western Canada, 1,040&nbsp;MW in Ontario, 99&nbsp;MW in Qu&#233;bec and 80&nbsp;MW
in New Brunswick.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.38%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.16%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta measures capacity as the net
  maximum capacity (&#147;NMC&#148;) that a unit can sustain over a period of time, which
  is consistent with the industry standards. All capacity amounts are as of the
  date of this Annual Information Form&nbsp;and represent capacity owned and
  operated by the Corporation unless otherwise indicated.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the United States, the Corporation&#146;s principal facilities include a
1,376&nbsp;MW thermal facility and a 248&nbsp;MW gas fired facility, both
located in Centralia, Washington, which supply electricity to the Pacific
northwest.&#160; The Corporation also holds a
50 per cent interest in CE Generation, LLC (&#147;<b>CE
Generation</b>&#148;), through which it has an aggregate net ownership
interest of approximately 385&nbsp;MW of generating capacity in geothermal
facilities in California and gas fired facilities in Texas, Arizona and New
York.&#160; In addition, the Corporation has
6&nbsp;MW of electrical generating capacity through hydroelectric facilities
located in Washington and Hawaii.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In Australia, the Corporation has 300&nbsp;MW of net electrical
generating capacity from gas fired generation facilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation regularly reviews its operations in order to optimize
its generating assets and evaluates appropriate growth opportunities.&#160; The Corporation has in the past and may in
the future make changes and additions to its fleet of coal, gas, hydro, wind,
geothermal and biomass fuelled facilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation is organized into two business segments: Generation and
Commercial Operations and Development.&#160;
The Generation group is responsible for constructing, operating and
maintaining electricity generation facilities.&#160;
The Commercial Operations and Development group is responsible for
managing the sale of production, purchasing natural gas, transmission capacity
and market risks associated with the Corporation&#146;s generation assets and for
non asset backed trading activities.&#160;
Both segments are supported by a corporate group that provides finance,
treasury, legal, regulatory, environmental, health and safety, sustainable
development, corporate communications, government relations, information
technology, human resources, internal audit, and other administrative support.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">GENERAL
DEVELOPMENT OF THE BUSINESS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The significant events and conditions affecting TransAlta&#146;s business
during the three most recently completed financial years are summarized
below.&#160; Certain of these events and
conditions are discussed in greater detail under the heading &#147;Business of
TransAlta&#148; in this Annual Information Form.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Recent Developments</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On January&nbsp;11, 2010, the
Corporation announced it has been awarded a 25-year power purchase agreement to
provide an additional 54 MW of wind power to New Brunswick Power Distribution
and Customer Service Corporation (&#147;<b>New Brunswick Power</b>&#148;).&#160; The capital cost of the project is estimated
to be $100&nbsp;million.&#160; Construction is
expected to commence in early 2010 and the facility is expected to be in
service by the end of 2010.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended December&nbsp;31, 2009</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On November&nbsp;18, 2009, the
Corporation issued $400&nbsp;million principal amount of 6.4% medium term notes
maturing November&nbsp;18, 2019 for net proceeds to the Corporation of
$397.2&nbsp;million.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On November&nbsp;17, 2009, the
Corporation hosted its second Alberta fixed price power auction, whereby
customers were able to lock in wholesale power volumes for 2010 through 2013 at
competitive market prices.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On November&nbsp;13, 2009, the
Corporation issued US$500&nbsp;million principal amount of 4.75% senior notes
maturing January&nbsp;15, 2015 for net proceeds to the Corporation of US$495.9&nbsp;million.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On November&nbsp;5, 2009, the
Corporation completed a public offering of 20,522,500 common shares at a price
of $20.10 per common share, resulting in gross proceeds to the Corporation of
approximately $412.5&nbsp;million.&#160; The
net proceeds from the offering were used to repay a portion of the indebtedness
incurred in connection with the Corporation&#146;s acquisition of Canadian Hydro.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On November&nbsp;4, 2009,
TransAlta completed the acquisition, through a wholly-owned subsidiary, of all
of the issued and outstanding common shares of Canadian Hydro for aggregate
cash consideration of $755.0&nbsp;million.&#160;
At closing of the acquisition, Canadian Hydro operated 694&nbsp;MW of
wind, hydro </font></p>

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<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
biomass facilities in British Columbia, Alberta, Ontario and Qu&#233;bec and also
had 18&nbsp;MW under construction.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On October&nbsp;14, 2009, the
federal and provincial governments announced that the Corporation&#146;s carbon
capture and storage (&#147;<b>CCS</b>&#148;) project,
Project Pioneer, had received committed funding of more than
$750&nbsp;million.&#160; The funding is being
provided as part of the Government of Canada&#146;s $1 billion Clean Energy Fund and
the Government of Alberta&#146;s $2 billion CCS initiative.&#160; The funding will also support the undertaking
of a Front End Engineering and Design (&#147;<b>FEED</b>&#148;)
study.&#160; The FEED study is expected to
cost $20&nbsp;million: $10&nbsp;million will come from the federal government;
$5 million will come from the provincial government; and $5&nbsp;million will
come from the Corporation and the other industry partners.&#160; The FEED study is expected to be completed by
the end of 2010. &#160;Construction of the
facility, if supported as expected by the study, would be targeted for start-up
in 2015.&#160; The Corporation is the managing
partner of the joint government-industry partnership.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Effective September&nbsp;30,
2009, the Corporation signed a new long-term contract with the Ontario Power
Authority (the &#147;<b>OPA</b>&#148;) for the Sarnia regional
natural gas cogeneration power plant.&#160;
The contract is capacity based and has a term from July&nbsp;1, 2009 to December&nbsp;31,
2025.&#160; While the specific terms and
conditions of the contract are confidential, the OPA has indicated that the
agreement is in line with other similar agreements executed by the OPA.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On May&nbsp;29, 2009, the
Corporation issued $200&nbsp;million principal amount of 6.45% senior notes
maturing May&nbsp;29, 2014.&#160; The net
proceeds from the offering were used for debt repayment, financing of the
Corporation&#146;s long-term investment plan, and for general corporate purposes.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On May&nbsp;20, 2009, the
Corporation announced that it would advance a major maintenance outage on its
353 MW Sundance 3 facility from the second quarter of 2010 into the second and
third quarters of 2009.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On May&nbsp;6, 2009, the
Corporation announced that it had received regulatory approval from the Toronto
Stock Exchange (&#147;<b>TSX</b>&#148;) for the renewal of its
normal course issuer bid (&#147;<b>NCIB</b>&#148;)
program.&#160; Under the NCIB, the Corporation
has approval to purchase for cancellation, up to 9.9&nbsp;million of its common
shares, representing 5 per cent of its common shares issued and outstanding as
of April&nbsp;30, 2009.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On April&nbsp;28, 2009, the
Corporation announced plans to design, build and operate Ardenville, a
69&nbsp;MW wind power project in southern Alberta.&#160; The capital cost of the project is estimated
at $135&nbsp;million.&#160; Included in the
capital cost of the project is the purchase of an already operational 3&nbsp;MW
turbine at Macleod Flats.&#160; Commercial
operations of the remainder of the Ardenville wind project is expected to
commence in the first quarter of 2011.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On February&nbsp;10, 2009, the
Corporation reported that the 406&nbsp;MW Sundance 4 facility had experienced
an unplanned outage in December&nbsp;2008 relating to the failure of an induced
draft fan.&#160; At the time, the unit was
derated to approximately 205&nbsp;MW.&#160;
The repair of the fan components by the original equipment manufacturer
took longer than planned and, therefore, Unit 4 did not return to full service
until February&nbsp;23, 2009.&#160; As a
result of the extended derate, first quarter production was reduced by 328 GWh
and net earnings declined by approximately $10&nbsp;million.&#160; On April&nbsp;27, 2009, the Balancing Pool,
an entity established by the Government of Alberta, rejected the Corporation&#146;s
assertion that this outage should be regarded as a High Impact Low Probability
Force Majeure Event.&#160; As required by the
PPA legislation, the Corporation was required to pay the penalties related to
the derate.&#160; The Corporation settled the
issue in the third quarter and the terms of the settlement are confidential.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On January&nbsp;29, 2009, the
board of directors of the Corporation (the &#147;<b>Board</b>&#148;)
declared a quarterly dividend of $0.29 per common share, payable April&nbsp;1,
2009 to holders of record on March&nbsp;1, 2009.&#160; This represents a $0.02 per share increase in
the quarterly dividend, yielding on an annualized basis a dividend of $1.16 per
share.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 5 -<a name="PB_5_133315_8299"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On January&nbsp;29, 2009, the
Corporation announced that it would be proceeding with the addition of two
23&nbsp;MW efficiency uprates at its Keephills plant in Alberta.&#160; Both Keephills units 1 and 2 will be upgraded
to 406&nbsp;MW and are expected to be operational by the end of 2011 and 2012,
respectively.&#160; The total capital cost of
the projects is estimated to be $68&nbsp;million.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Effective January&nbsp;1,
2009, the Corporation completed the Reorganization whereby the assets and
business affairs of TAU and TEC (with the exception of the wind business) were
transferred to TransAlta Generation Partnership, an Alberta general
partnership, whose partners are TransAlta and TransAlta Generation Ltd., a
wholly owned subsidiary of TransAlta.&#160;
TransAlta Generation Partnership is managed by TransAlta pursuant to the
terms of a partnership agreement and a management services agreement.&#160; Immediately following the transfer of assets
by TAU and TEC to TransAlta Generation Partnership, TransAlta Corporation
amalgamated with TAU, TEC, and Keephills&nbsp;3 GP Ltd. pursuant to the
CBCA.&#160; TransAlta remains the holding
entity of the various businesses of the Corporation, some of which are held
directly, in the case of the wind assets, and some of which are held
indirectly, in the case of the former generation assets and businesses of TAU
and TEC.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended December&nbsp;31, 2008</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On December&nbsp;31, 2008, the
Corporation announced that the 96&nbsp;MW, $170&nbsp;million Kent Hills Wind
Farm had begun commercial operation.&#160; The
wind farm consists of 32 Vestas V90, 3MW wind turbines.&#160; The capacity from this project is sold under
a power purchase agreement with New Brunswick Power.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On October&nbsp;8, 2008, the
Corporation announced the completion of the sale of its Mexican businesses to
Intergen Global Ventures B.V. II for a sale price of
US$303.5&nbsp;million.&#160; The sale included
the 252&nbsp;MW gas/diesel combined cycle gas plant in Campeche, a 259&nbsp;MW
combined cycle gas plant in Chihuahua and all associated commercial
arrangements.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On May&nbsp;27, 2008, the
Corporation announced that, commencing in 2009, it would be constructing
another 66&nbsp;MW wind generation facility in southern Alberta, consisting of
22 Vestas V90 3&nbsp;MW wind turbines.&#160;
The total capital cost for this expansion of the Summerview wind power
project is expected to be $123&nbsp;million.&#160;
The capacity from this project is expected to be sold on the Alberta
Power Pool.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On May&nbsp;5, 2008, the
Corporation announced that it had received regulatory approval from the TSX for
the continuation of its NCIB program.&#160;
Under the NCIB program, the Corporation received approval to purchase,
for cancellation, up to 19.9&nbsp;million of its common shares, representing 10
per cent of its public float as of April&nbsp;23, 2008.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On April&nbsp;21, 2008, the
Corporation announced a 53&nbsp;MW efficiency uprate at Unit 5 of its Sundance
facility.&#160; The total capital cost of the
project was approximately $113.5&nbsp;million and commercial operations
commenced in November&nbsp;2009.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On April&nbsp;3, 2008,
TransAlta announced a partnership with Alstom LLC to develop a one&nbsp;million
tonne/year carbon capture and storage project at one of TransAlta&#146;s coal fired
power stations in Alberta.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On February&nbsp;20, 2008, the
Corporation announced it had signed a purchase and sale agreement with Intergen
Global Ventures B.V. (&#147;<b>Intergen</b>&#148;)
pursuant to which Intergen agreed to pay the Corporation US$303.5&nbsp;million
in cash for its Mexican assets.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On February&nbsp;13, 2008, the
Corporation announced that, commencing in 2009, it would be constructing a
66&nbsp;MW wind generation facility in southern Alberta, consisting of 22
Vestas V90 3&nbsp;MW wind turbines.&#160; The
total capital costs for this Blue Trail wind power project is expected to be
$115&nbsp;million.&#160; The capacity from
this project is expected to be sold on the Alberta Power Pool.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 6 -<a name="PB_6_133320_8247"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On February&nbsp;1, 2008, the
Board declared a quarterly dividend of $0.27 per common share, payable April&nbsp;1,
2008 to holders of record on March&nbsp;1, 2008.&#160; This represents a $0.02 per share increase in
the quarterly dividend, yielding on an annualized basis a dividend of $1.08 per
share.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year Ended December&nbsp;31, 2007</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">During the third quarter, the
Corporation completed an uprate on the Sundance Unit 4 facility.&#160; A final measurement took place in the fourth
quarter of 2007 and the generating capacity added as a result of this uprate
was 53&nbsp;MW.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On September&nbsp;11, 2007,
the Corporation announced it had received regulatory approval to increase the
number of shares it may purchase under its NCIB program.&#160; As a result, the Corporation was authorized
to purchase for cancellation up to 20.2&nbsp;million of its common shares or
approximately 10 per cent of the 202&nbsp;million common shares issued and
outstanding as of April&nbsp;23, 2007.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On July&nbsp;17, 2007, the
Corporation amended the power purchase agreement with New Brunswick Power to
increase capacity at its Kent Hills wind power facility from 75&nbsp;MW to
96&nbsp;MW.&#160; As a result, total capital
costs for the Kent Hills project increased by $40&nbsp;million, from
$130&nbsp;million to $170&nbsp;million.&#160;
The Corporation also signed a purchase and sale agreement with Vector
Wind Energy, then a wholly owned subsidiary of Canadian Hydro, to acquire its
Fairfield Hill wind power site, including an option to develop the site at a
future date.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On June&nbsp;21, 2007,
TransAlta Utilities entered into an agreement with Bucyrus Canada Limited and
Bucyrus International Inc. for the purchase of a dragline to be used primarily
in the supply of coal for the Keephills&nbsp;3 joint venture project.&#160; The total dragline purchase costs were
approximately $150&nbsp;million, with final payments for goods and services due
by May&nbsp;2010.&#160; The total payments
made under this agreement to December&nbsp;31, 2009 were $124.7&nbsp;million.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On February&nbsp;26, 2007, the
Corporation and EPCOR Power Development Corporation (now Capital Power
Corporation or &#147;<b>Capital Power</b>&#148;) announced that
they were proceeding with building the 450&nbsp;MW Keephills&nbsp;3 power
project located approximately 70 kilometres west of Edmonton, Alberta.&#160; The capital cost for the project, including
mine capital, is expected to be approximately $1.6 billion and is expected to
be completed at the end of the first quarter of 2011.&#160; Through the Keephills&nbsp;3 Limited
Partnership (&#147;<b>K3LP</b>&#148;), an affiliate of the
Corporation, TransAlta and Capital Power will be equal partners in the
ownership of Keephills&nbsp;3, with TransAlta responsible for managing the
joint venture and Capital Power responsible for the construction.&#160; Upon completion, it is expected that
TransAlta will operate the facility and Capital Power and TransAlta will
independently dispatch and market their share of the unit&#146;s electrical
output.&#160; The project has received
approval from the AEUB and from Alberta Environment.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On January&nbsp;19, 2007, the
Corporation announced that it had been awarded a 25 year power purchase
agreement to provide 75&nbsp;MW of wind power to New Brunswick Power.&#160; Under the agreement, TransAlta constructed,
owns and operates a wind power facility in New Brunswick.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">On January&nbsp;2, 2007, the
Corporation redeemed, at par, all of its outstanding 7.75 per cent preferred
securities, with an outstanding principal amount of $175&nbsp;million.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 7 -<a name="PB_7_133326_5893"></a></font></p>

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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUSINESS
OF TRANSALTA</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generation Business Segment</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table summarizes the Corporation&#146;s generation facilities
which are operating, under construction or under development, as at January&nbsp;31,
2010:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Western Canada</font></b></p>
  </td>
  <td width="11%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Facility</font></b></p>
  </td>
  <td width="11%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW) </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Net<br>
  Capacity<br>
  Ownership<br>
  Interest </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Fuel</font></b></p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Revenue Source</font></b></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sundance</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2,126</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2,126</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Coal</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA / Merchant</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2017, 2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Keephills </font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(4)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">812</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">812</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Coal</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA/Merchant</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(4)</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sheerness</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">780</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">195</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Coal</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wabamun</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">279</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">279</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Coal</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Genesee&nbsp;3</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">450</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">225</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Coal</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Keephills&nbsp;3 </font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(3)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">450</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">225</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Coal</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fort Saskatchewan</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">118</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">30</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">35</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Long-term contract (&#147;<b>LTC</b>&#148;)</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2019</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Meridian</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">220</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">55</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Poplar Creek</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">356</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">356</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC/Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Blue Trail </font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">66</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">66</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Castle River</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;"> (5)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">44</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">44</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC/Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Cowley North</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Cowley Ridge</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Macleod Flats</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">McBride Lake</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">75</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">38</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sinnott</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Soderglen</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">71</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">35</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Summerview 1 </font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(6)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">70</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">70</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Summerview 2 </font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(3)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">66</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">66</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Taylor Wind</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ardenville </font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(3)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">69</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">69</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Akolkolex</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2015</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Barrier</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">13</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">13</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Bearspaw</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Belly River</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Big Horn</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">120</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">120</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Bone Creek </font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(3)</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2047</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Brazeau</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">355</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">355</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Cascade</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">36</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">36</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ghost</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">51</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">51</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Horseshoe</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">14</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">14</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Interlakes</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Kananaskis</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">19</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">19</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pingston</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">45</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">23</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2023</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pocaterra</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">15</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">15</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2013</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Rundle</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Spray</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">103</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">103</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">St. Mary</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Taylor Hydro</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">13</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">6</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Three Sisters</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alberta PPA</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Upper Mamquam</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2025</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Waterton</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">GPEC</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Biomass</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2019-2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total Western Canada</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">7,051</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">5,666</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:19.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">- 8 -<a name="PB_8_122838_7056"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="624" colspan="7" valign="top" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:6.5in;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Eastern
  Canada </font></b></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Facility</font></b></p>
  </td>
  <td width="71" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW) </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="79" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="79" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Net<br>
  Capacity<br>
  Ownership<br>
  Interest </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="55" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Fuel</font></b></p>
  </td>
  <td width="107" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Revenue
  Source</font></b></p>
  </td>
  <td width="88" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Mississauga
  </font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">108</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">54</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2017</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ottawa
  </font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">68</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">34</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2012</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sarnia</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;"> (7)</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">506</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">506</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2022-2025</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Windsor
  </font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">68</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">34</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC/Merchant</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2016</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Kent
  Hills </font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">96</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">83</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">80</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2033</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Kent
  Hills Expansion</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;"> (3)</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">54</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">54</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2035</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Le
  Nordais</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">99</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">99</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2033</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Melancthon&nbsp;I</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">68</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">68</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2026</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Melancthon&nbsp;II</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">132</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">132</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2028</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wolfe
  Island </font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">198</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">198</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wind</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2029</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Appleton
  </font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Galetta</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Misema</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2027</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Moose
  Rapids</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="55" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="107" valign="top" style="padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ragged
  Chute</font></p>
  </td>
  <td width="71" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7</font></p>
  </td>
  <td width="79" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7</font></p>
  </td>
  <td width="55" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="107" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="88" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="147" valign="top" style="border:none;padding:0in 0in 0in 0in;width:109.95pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total
  Eastern Canada</font></b></p>
  </td>
  <td width="71" valign="top" style="border:none;padding:0in 0in 0in 0in;width:52.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">1,411</font></b></p>
  </td>
  <td width="79" valign="top" style="border:none;padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="border:none;padding:0in 0in 0in 0in;width:59.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">1,273</font></b></p>
  </td>
  <td width="55" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.95pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="107" valign="top" style="border:none;padding:0in 0in 0in 0in;width:80.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="88" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="102%" style="border-collapse:collapse;width:102.3%;">
 <tr>
  <td width="638" colspan="7" valign="top" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:6.65in;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">US</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Facility</font></b></p>
  </td>
  <td width="72" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW) </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="80" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership
  <br>
  (%)</font></b></p>
  </td>
  <td width="80" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Net<br>
  Capacity<br>
  Ownership<br>
  Interest </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="80" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Fuel</font></b></p>
  </td>
  <td width="96" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Revenue<br>
  Source</font></b></p>
  </td>
  <td width="79" valign="bottom" bgcolor="#E0E0E0" style="background:#E0E0E0;padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="bottom" style="padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="72" valign="bottom" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="80" valign="bottom" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="80" valign="bottom" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="80" valign="bottom" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="96" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="bottom" style="padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Centralia</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(8)</font></p>
  </td>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,376</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1,376</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Coal</font></p>
  </td>
  <td width="96" valign="top" style="padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Centralia
  Gas</font></p>
  </td>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">248</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">248</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="96" valign="top" style="padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Power
  Resource</font></p>
  </td>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">212</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">106</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="96" valign="top" style="padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Saranac</font></p>
  </td>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">240</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">37.5</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">90</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="96" valign="top" style="padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Merchant</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Yuma</font></p>
  </td>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="96" valign="top" style="padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Imperial
  Valley Geothermal Facilities </font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(9)</font></p>
  </td>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">327</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">164</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Geothermal</font></p>
  </td>
  <td width="96" valign="top" style="padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2016-2029</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Skookumchuk
  </font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(10)</font></p>
  </td>
  <td width="72" valign="top" style="padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="80" valign="top" style="padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="96" valign="top" style="padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wailuku</font></p>
  </td>
  <td width="72" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10</font></p>
  </td>
  <td width="80" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="80" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5</font></p>
  </td>
  <td width="80" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hydro</font></p>
  </td>
  <td width="96" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="79" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2023</font></p>
  </td>
 </tr>
 <tr>
  <td width="151" valign="top" style="border:none;padding:0in 0in 0in 0in;width:113.4pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total
  US</font></b></p>
  </td>
  <td width="72" valign="top" style="border:none;padding:0in 0in 0in 0in;width:.75in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">2,464</font></b></p>
  </td>
  <td width="80" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="80" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">2,015</font></b></p>
  </td>
  <td width="80" valign="top" style="border:none;padding:0in 0in 0in 0in;width:60.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="96" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.0in;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="border:none;padding:0in 0in 0in 0in;width:59.4pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>

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  </td>
  <td width="79" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:59.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:70.05pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="78" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:58.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="146" valign="bottom" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:109.5pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Facility</font></b></p>
  </td>
  <td width="71" valign="bottom" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:53.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW) </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="79" valign="bottom" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership
  <br>
  (%)</font></b></p>
  </td>
  <td width="79" valign="bottom" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Net<br>
  Capacity<br>
  Ownership<br>
  Interest </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="79" valign="bottom" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:59.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Fuel</font></b></p>
  </td>
  <td width="93" valign="bottom" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:70.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Revenue<br>
  Source</font></b></p>
  </td>
  <td width="78" valign="bottom" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:58.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="146" valign="top" style="padding:0in 0in 0in 0in;width:109.5pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:53.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93" valign="top" style="padding:0in 0in 0in 0in;width:70.05pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="78" valign="top" style="padding:0in 0in 0in 0in;width:58.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="146" valign="top" style="padding:0in 0in 0in 0in;width:109.5pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Parkeston</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:53.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">110</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">55</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas</font></p>
  </td>
  <td width="93" valign="top" style="padding:0in 0in 0in 0in;width:70.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="78" valign="top" style="padding:0in 0in 0in 0in;width:58.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2016</font></p>
  </td>
 </tr>
 <tr>
  <td width="146" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:109.5pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Southern
  Cross</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(11)</font></p>
  </td>
  <td width="71" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:53.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">245</font></p>
  </td>
  <td width="79" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="79" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">245</font></p>
  </td>
  <td width="79" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:59.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gas/Diesel</font></p>
  </td>
  <td width="93" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">LTC</font></p>
  </td>
  <td width="78" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:58.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2013</font></p>
  </td>
 </tr>
 <tr>
  <td width="146" valign="top" style="border:none;padding:0in 0in 0in 0in;width:109.5pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total
  Australia</font></b></p>
  </td>
  <td width="71" valign="top" style="border:none;padding:0in 0in 0in 0in;width:53.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">355</font></b></p>
  </td>
  <td width="79" valign="top" style="border:none;padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" style="border:none;padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">300</font></b></p>
  </td>
  <td width="79" valign="top" style="border:none;padding:0in 0in 0in 0in;width:59.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93" valign="top" style="border:none;padding:0in 0in 0in 0in;width:70.05pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="78" valign="top" style="border:none;padding:0in 0in 0in 0in;width:58.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="146" valign="top" style="padding:0in 0in 0in 0in;width:109.5pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="71" valign="top" style="padding:0in 0in 0in 0in;width:53.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="79" valign="top" style="padding:0in 0in 0in 0in;width:59.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="93" valign="top" style="padding:0in 0in 0in 0in;width:70.05pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="78" valign="top" style="padding:0in 0in 0in 0in;width:58.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="146" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:109.5pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">TOTAL</font></b></p>
  </td>
  <td width="71" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:53.0pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">11,281</font></b></p>
  </td>
  <td width="79" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:59.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="79" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:59.15pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">9,254</font></b></p>
  </td>
  <td width="79" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:59.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="93" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:70.05pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="78" valign="top" bgcolor="#E6E6E6" style="background:#E6E6E6;padding:0in 0in 0in 0in;width:58.15pt;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Megawatts are rounded
to the nearest whole number.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Merchant capacity
refers to 53&nbsp;MW, 53&nbsp;MW and 44&nbsp;MW uprates on units 4, 5 and 6,
respectively.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>These facilities are
currently under development.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Includes two
23&nbsp;MW uprates on units 1 and 2 expected to be commercial in 2011, and
2012, respectively.&#160; Merchant capacity
refers to these two uprates.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Includes 7 individual
turbines at other locations.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(6)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Comprised of 2
facilities.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(7)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Sarnia&#146;s NMC has been
adjusted from 575&nbsp;MW due to decommissioning of equipment at the facility.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(8)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Centralia Thermal&#146;s
NMC has been reduced from 1,404&nbsp;MW to reflect a lower plant output as a
result of its conversion to burning Powder River Basin coal.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 9 -<a name="PB_9_123418_5335"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(9)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Comprised of 10 facilities.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(10)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#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>This facility is used to provide a
reliable water supply to TransAlta&#146;s other generation facilities at Centralia.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(11)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#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>Comprised of 4 facilities.</p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canada: Western Canada</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thermal
facilities</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table summarizes the Corporation&#146;s western Canadian
thermal generation facilities:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Location</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Province</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Plant</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Commissioning<br>
  Dates</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wabamun</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wabamun
  Unit No.&nbsp;4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">279</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1968</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sundance</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sundance
  Unit No.&nbsp;1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">280</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1970</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2017</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sundance
  Unit No.&nbsp;2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">280</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1973</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2017</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sundance
  Unit No.&nbsp;3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">353</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1976</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sundance
  Unit No.&nbsp;4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">406</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1977</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sundance
  Unit No.&nbsp;5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">406</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1978</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sundance
  Unit No.&nbsp;6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">401</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1980</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Keephills</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Keephills
  Unit No.&nbsp;1</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">406</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1983</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Keephills
  Unit No.&nbsp;2</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">406</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1984</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Keephills
  Unit No.&nbsp;3</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">450</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sheerness</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sheerness
  Unit No.&nbsp;1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">390</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1986</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sheerness
  Unit No.&nbsp;2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">390</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1990</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Genesee</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Genesee&nbsp;3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">450</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2005</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4,897</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Wabamun unit is expected to be
removed from service upon the expiry of its license March&nbsp;31, 2010.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Includes two 23&nbsp;MW uprates on
units 1 and 2 expected to be commercial in 2011, and 2012, respectively.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>This facility is currently under
development.</p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Wabamun, Sundance and Keephills facilities (the &#147;<b>Alberta thermal plants</b>&#148;) are located approximately 70
kilometres west of Edmonton, Alberta and are owned by TransAlta.&#160; The Sheerness facility is jointly owned by
TransAlta Cogeneration, L.P. (&#147;<b>TA Cogen</b>&#148;), an
Ontario limited partnership, and ATCO Power (2000) Ltd. (&#147;<b>ATCO Power</b>&#148;).&#160; The Genesee facility is jointly owned by
TransAlta and Capital Power.&#160; TransAlta&#146;s
thermal plants are generally base load plants, meaning that they are expected
to operate for long periods of time at or near their rated capacity.&#160; Availability is an important measure of the
economic success of a thermal plant.&#160; The
weighted equivalent availability factor for the Alberta thermal plants in 2009
was 78.0 per cent compared with 82.9 per cent in 2008 and 87.1 per cent in
2007.&#160; For the Sheerness facility, the
weighted equivalent availability factor was 93.3 per cent in 2009 compared to
94.1 per cent in 2008 and 94.4 per cent in 2007.&#160; For the Genesee&nbsp;3 facility, the weighted
equivalent availability factor was 97.5 per cent in 2009 compared to 78.2 per
cent in 2008 and 92.9 per cent in 2007.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fuel requirements for TransAlta&#146;s thermal power facilities are supplied
by surface strip coal mines located in close proximity to the facilities.&#160; TransAlta owns two surface mines in Alberta
that supply coal to its Alberta thermal plants.&#160;
The Whitewood mine supplies the Wabamun plant and the Highvale mine
supplies the Sundance and Keephills facilities.&#160;
TransAlta estimates that the recoverable coal reserves contained in
these mines are expected to be sufficient to supply the anticipated
requirements for the life of these facilities including running post PPA expiry
and plant expansion.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Coal for the Sheerness facility is provided from the adjacent Sheerness
mine.&#160; The coal reserves of the mine are
owned, leased or controlled jointly by TA Cogen, ATCO Power and Prairie Mines&nbsp;&amp;
Royalties Limited (&#147;<b>PMRL</b>&#148;).&#160; TA Cogen and ATCO Power have entered into
coal supply agreements with PMRL, which operates the mine, to supply coal until
2026.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 10 -<a name="PB_10_124123_5796"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 10 -',FILE='C:\JMS\105627\10-4104-1\task3951145\4104-1-kk-03.htm',USER='105627',CD='Feb 24 11:22 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Coal for the Genesee&nbsp;3 facility is provided from the adjacent
Genesee mine.&#160; The coal reserves of the
mine are owned, leased or controlled jointly by PMRL and Capital Power.&#160; The Corporation has entered into coal supply
agreements with PMRL, which operates the mine, to supply coal for the life of
the facility.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In February&nbsp;2001, the Corporation had originally proposed a
900&nbsp;MW expansion at its Keephills facility.&#160; Although the Corporation received regulatory
approval to proceed with the expansion, it subsequently made an application in December&nbsp;2004
to amend its 900&nbsp;MW permit to allow for the construction of a smaller
450&nbsp;MW facility using improved technology.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The AEUB approved the amendment and on February&nbsp;1, 2006, the
Corporation entered into a development agreement with Capital Power, to jointly
pursue the 450&nbsp;MW Keephills&nbsp;3 power project.&#160; On December&nbsp;18, 2006, the Corporation
assigned its rights in the development agreement power project to K3LP, an
affiliate of the Corporation.&#160; K3LP
subsequently sold a 50 per cent undivided interest in the Keephills&nbsp;3
power project to the EPCOR Power Development (K3) Limited Partnership (a
predecessor to Capital Power) and the parties have entered into a joint venture
agreement governing the continued development of the Keephills&nbsp;3 power
project.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;26, 2007, construction of the net 450&nbsp;MW
Keephills&nbsp;3 power project was commenced.&#160;
The capital cost for the project, including mine capital, is expected to
be approximately $1.9 billion and is expected to be completed at the end of the
second quarter of 2011. Through K3LP, TransAlta and Capital Power are equal
partners in the ownership of Keephills&nbsp;3, with TransAlta responsible for
managing the joint venture and Capital Power responsible for construction.&#160; Upon completion, it is expected that
TransAlta will operate the facility and Capital Power and TransAlta will
independently dispatch and market their share of the unit&#146;s electrical
output.&#160; The Corporation will also
provide coal to the facility through the Highvale mine.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gas
fired facilities</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table summarizes the Corporation&#146;s western Canadian gas
fired generation facilities:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Location</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Province</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Plant</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Commissioning<br>
  Dates</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry<br>
  Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Lloydminster</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">SK</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Meridian</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">220</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1999</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fort
  McMurray</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Poplar
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">356</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2001</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fort
  Saskatchewan</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fort
  Saskatchewan</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">118</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">30</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1999</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2019</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">694</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s interests in the Meridian and Fort Saskatchewan
facilities are held through TA Cogen.&#160; See
&#147;TA Cogen&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Meridian plant is located in Lloydminster, Saskatchewan and is
owned by TA Cogen and Husky Oil Operations Limited.&#160; This 220&nbsp;MW cogeneration plant sells
electricity to Saskatchewan Power Corporation, a Crown corporation owned by the
Province of Saskatchewan, and steam to a heavy oil upgrader in Lloydminster,
Saskatchewan.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Poplar Creek plant is located in Fort McMurray, Alberta and is
owned by the Corporation.&#160; This
356&nbsp;MW cogeneration plant became fully operational in the first quarter of
2001 and delivers approximately 150&nbsp;MW of electricity and steam to Suncor
Energy Inc. (&#147;<b>Suncor</b>&#148;).&#160; Any surplus power not used by Suncor is
available for sale by the Corporation to other parties, in which case Suncor is
entitled to a share of that revenue, under certain conditions.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fort Saskatchewan plant is located in Fort Saskatchewan, Alberta
and is owned by TA Cogen and Strongwater Energy Ltd. (purchased from Air
Liquide Canada Inc. in 2009). The 118&nbsp;MW Fort Saskatchewan gas fired
combined cycle cogeneration plant in Alberta provides electricity and steam to
Dow Chemical Canada Inc.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 11 -<a name="PB_11_124605_2897"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 11 -',FILE='C:\JMS\105627\10-4104-1\task3951145\4104-1-kk-03.htm',USER='105627',CD='Feb 24 11:22 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hydroelectric
facilities</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table summarizes the Corporation&#146;s western Canadian
hydroelectric facilities:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Location</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Province</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Plant</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW) </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Commissioning<br>
  Dates</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry<br>
  Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Akolkolex
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">BC</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Akolkolex</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1995</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2015</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">BC</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pingston</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">45</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2003,
  2004</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2023</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Mamquam
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">BC</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Upper
  Mamquam</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">25</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2005</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2025</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Thompson
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">BC</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Bone
  Creek</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2047</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Bow
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Horseshoe</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1911</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Kananaskis</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">19</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1913,
  1951</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ghost</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">51</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1929,
  1954</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Cascade</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">36</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1942,
  1957</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Barrier</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">13</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1947</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Bearspaw</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1953,
  1954</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pocaterra</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">15</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1955</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2013</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Interlakes</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1955</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Spray</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">103</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1951,
  1960</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Three
  Sisters</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1951</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Rundle</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1951,
  1960</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">North
  Saskatchewan</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Brazeau</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">355</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1965,
  1967</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">River
  System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Bighorn</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">120</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1972</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Oldman
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Belly
  River</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1991</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Waterton</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1992</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">St.
  Mary</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1992</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Taylor
  Hydro</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">13</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.34%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:9.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">920</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Megawatts are rounded
to the nearest whole number.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Facility under
construction reflects expected capacity and commissioning date.</p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s Bow River and North Saskatchewan River System hydroelectric
facilities are primarily peaking plants, meaning they are generally only
operated during times of peak demand, and all output from these facilities is
sold under one Alberta PPA.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Akolkolex River System</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Akolkolex EcoPower&#174; Centre is a run-of-river hydroelectric facility
with installed capacity of 10&nbsp;MW located on the Akolkolex River, south of
Revelstoke, British Columbia and is owned by the Corporation.&#160; The output from the facility is sold to BC
Hydro.&#160; Akolkolex has been operating
since April&nbsp;1995.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pingston EcoPower&#174; Centre is a run-of-river hydroelectric facility with
installed capacity of 45&nbsp;MW located on Pingston Creek, southwest of
Revelstoke, British Columbia and down river of Akolkolex.&#160; The output from the facility is sold to BC
Hydro.&#160; Pingston has been operating since
2003 and is 50 per cent owned, via a joint venture, with a subsidiary of
Brookfield Renewable Power Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mamquam River System</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upper Mamquam EcoPower&#174; Centre is a run-of river hydroelectric facility
with installed capacity of 25&nbsp;MW located on the Mamquam River, east of
Squamish, British Columbia, and north of Vancouver.&#160; The output from the facility is sold to BC
Hydro.&#160; Upper Mamquam has been operating
since 2005.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 12 -<a name="PB_12_125004_3020"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 12 -',FILE='C:\JMS\105627\10-4104-1\task3951145\4104-1-kk-03.htm',USER='105627',CD='Feb 24 11:22 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thompson River System</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bone Creek is a run-of-river hydroelectric facility currently under
construction with expected capacity of 18&nbsp;MW located on Bone Creek, north
of Kamloops, near the town of Valemount, British Columbia.&#160; Bone Creek is expected to commence commercial
operations in the first quarter of 2011.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bow River System</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Horeshoe is a run-of-river hydroelectric facility with installed
capacity of 14&nbsp;MW located in Seebe, Alberta. The plant is owned by the
Corporation and has been operating since 1911.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kananaskis is a run-of-river hydroelectric facility with installed
capacity of 19&nbsp;MW located in Seebe, Alberta. The plant is owned by the
Corporation. The plant has been operating since 1913 and was expanded in 1951
and modified again in 1994.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ghost is a hydroelectric facility with installed capacity of 51&nbsp;MW
located on the Bow River in Cochrane, Alberta. The plant is owned by the
Corporation and has been operating since 1929.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cascade is a hydroelectric facility with installed capacity of
36&nbsp;MW located on the Cascade River in Banff National Park, Alberta. The
plant is owned by the Corporation and was purchased from the Government of
Canada in 1941. The following year, TransAlta built a new dam and power plant
to replace the original, the Corporation then added a second generating unit in
1957.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barrier is a run-of-river hydroelectric facility with installed
capacity of 13&nbsp;MW located in Seebe, Alberta. The plant is owned by the
Corporation and has been operating since 1947.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bearspaw is a hydroelectric facility with installed capacity of
17&nbsp;MW located on the Bow River in Calgary, Alberta. The plant is owned by
the Corporation and has been operating since 1954.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pocaterra is a hydroelectric facility with installed capacity of
15&nbsp;MW located in Kananaskis, Alberta. The plant is owned by the
Corporation and has been operating since 1955.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interlakes is a hydroelectric facility with installed capacity of
5&nbsp;MW located in Kananaskis, Alberta. The plant is owned by the Corporation
and has been operating since 1955.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Spray is a hydroelectric facility with installed capacity of
103&nbsp;MW located in Canmore, Alberta on the Spray system.&#160; The plant uses water from the Spray Lakes
Storage Reservoir. The plant is owned by the Corporation and has been operating
since 1951.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Three Sisters is a hydroelectric facility with installed capacity of
3&nbsp;MW located at the base of the Three Sisters Dam in Canmore, Alberta on
the Spray system. The plant uses water from the Spray Lakes Storage Reservoir.
The plant is owned by the Corporation and has been operating since 1951.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rundle is a hydroelectric facility with installed capacity of
50&nbsp;MW located in Canmore, Alberta on the Spray system.&#160; The plant uses water from the Spray Lakes Storage
Reservoir, which was created by the Canyon Dam to the south, and the Three
Sisters dam to the north. The plant is owned by the Corporation and has been
operating since 1951.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">North Saskatchewan River System</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brazeau is a hydroelectric facility with installed capacity of
355&nbsp;MW located in Drayton Valley, Alberta. The plant is owned by the
Corporation and has been operating since 1965.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bighorn is a hydroelectric facility with installed capacity of
120&nbsp;MW located in Nordegg, Alberta. The plant is owned by the Corporation
and has been operating since 1972.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 13 -<a name="PB_13_125636_7056"></a></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 13 -',FILE='C:\JMS\105627\10-4104-1\task3951145\4104-1-kk-03.htm',USER='105627',CD='Feb 24 11:22 2010' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oldman River System</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Belly River EcoPower&#174; Centre is a run-of river hydroelectric facility
with installed capacity of 3&nbsp;MW located on the Waterton-St. Mary Headworks
Irrigation Canal System, east of the Waterton Reservoir, approximately
75&nbsp;kilometres southwest of Lethbridge in southern Alberta.&#160; Due to its location along the irrigation
canal, Belly River operates from April&nbsp;to October&nbsp;when water is
diverted through the canal as part of the St. Mary Irrigation District Water
Management Plan.&#160; Belly River has been
operating since March&nbsp;1991.&#160;
Generation from the facility is sold in the Alberta spot market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waterton EcoPower&#174; Centre is a run-of-river hydroelectric facility with
installed capacity of 3&nbsp;MW located at the base of the Waterton Dam on the
Waterton Reservoir, near Hillspring, southwest of Lethbridge, Alberta.&#160; Waterton has been operating since November&nbsp;1992.&#160; Generation from the facility is sold in the
Alberta spot market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Mary EcoPower&#174; Centre is a run-of-river hydroelectric facility with
installed capacity of 2&nbsp;MW located at the base of the St. Mary Dam on the
Waterton Reservoir, near Magrath, in southern Alberta.&#160; St. Mary has been operating since December&nbsp;1992.&#160; Generation from the facility is sold in the
Alberta spot market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taylor EcoPower&#174; Centre consists of separate hydroelectric and wind
facilities.&#160; The hydroelectric facility (&#147;<b>Taylor Hydro</b>&#148;) is a run-of-river facility with installed
capacity of 13&nbsp;MW and is located adjacent to the Taylor Coulee Chute on
the Waterton-St. Mary Headworks Irrigation Canal System which is owned by the
Government of Alberta.&#160; Taylor Hydro has
operated since May&nbsp;2000, and is jointly owned by the Corporation along
with Capital Power.&#160; Generation from the
facility is sold in the Alberta spot market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wind
Generation Facilities</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation owns and operates approximately 972&nbsp;MW of net wind
generation capacity (excluding facilities under development) primarily in 12
wind farms in western Canada, three in Ontario, one in Qu&#233;bec and one in New
Brunswick.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As well as contracting for power, TransAlta enters into long-term and
short-term contracts to sell the environmental attributes from our merchant
wind and hydro facilities.&#160; These
activities help to ensure earnings consistency from these assets.&#160; For 2010, TransAlta has sold approximately 70
per cent of the environmental attributes from our merchant wind facilities and
100 per cent of the environmental attributes from our merchant hydro
facilities.&#160; Generally, for facilities
under long term contract, the benefit of the environmental attributes generated
flow through to the contract holder.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table summarizes the Corporation&#146;s western Canadian wind
generation facilities:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Location</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Province</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Plant</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW) </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Commissioning<br>
  Dates</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry<br>
  Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fort
  Macleod</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">McBride
  Lake</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">75</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2003</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">MacLeod
  Flats</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2004</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ardenville</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">69</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Castle
  River</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">44</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1997-2001</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Summerview
  1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">70</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2004</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fort
  Macleod</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Blue
  Trail</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">66</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Summerview
  2</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">66</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2010</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Cowley
  Ridge</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1993</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Waterton</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Taylor
  Wind</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2004</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Cowley
  North</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2001</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sinnott</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2001</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Pincher
  Creek</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Soderglen</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">71</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2006</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">515</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Megawatts are rounded to the
nearest whole number.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Facility under development reflects
expected capacity and commissioning date.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 14 -<a name="PB_14_125719_8146"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">McBride Lake is a 75&nbsp;MW wind farm comprised of 114 Vestas V47 (660
kW) turbines located at Fort MacLeod, Alberta.&#160;
It was constructed by the Corporation and has been producing electricity
since the third quarter of 2003.&#160; McBride
Lake is operated by the Corporation and is owned by the Corporation and ENMAX
Green Power Inc.&#160; The output from the
facility is 100 per cent contracted in the form of a 20 year LTC with ENMAX
Energy Corp. (&#147;<b>ENMAX</b>&#148;).&#160; The Corporation is also entitled to receive
Wind Power Production Incentive (&#147;<b>WPPI</b>&#148;) payments
from the federal government at $12/MWh in respect of the McBride Lake facility
until 2013.&#160; The Corporation also owns
100 per cent of the 0.7&nbsp;MW McBride Lake East facility in the same
vicinity.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Macleod Flats consists of a single Vestas V90 3&nbsp;MW turbine and is
located near Fort Macleod.&#160; It was
commissioned in 2004 and was purchased by TransAlta in 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On April&nbsp;28, 2009, the Corporation announced plans to design,
build and operate a 69 MW wind power project in southern Alberta (&#147;<b>Ardenville</b>&#148;).&#160; The
capital cost of the Ardenville project is estimated at $135 million, which
includes the purchase of an already operational 3 MW turbine at Macleod
Flats.&#160; Commercial operations of the
remainder of the Ardenville wind project is expected to commence in the first
quarter of 2011, and the output will be sold in the spot market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Castle River is a 40&nbsp;MW wind farm comprised of 59 Vestas V47 (660
kW) turbines and 1 Vestas V44 (600 kW) turbine located at Pincher Creek,
Alberta.&#160; The facility is 71 per cent
contracted primarily to ENMAX and is the sole Green Energy&#174; provider to the
City of Calgary&#146;s &#147;Ride the Wind&#148; Light Rail Transit program.&#160; The Corporation also owns and operates seven
additional turbines totalling 4&nbsp;MW located individually in the Cardston
County and Hillspring areas of southwestern Alberta.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summerview is a 68&nbsp;MW wind farm comprised of 38 1.8MW turbines and
is located approximately 15 kilometres northeast of Pincher Creek,
Alberta.&#160; It was constructed by the
Corporation and commenced commercial operations in 2004.&#160; The Summerview facility, together with an
existing 1.8&nbsp;MW turbine in the area, brings the total wind generation
capacity at that location to 70&nbsp;MW.&#160;
The Summerview wind farm is a merchant facility but is entitled to
receive WPPI payments from the federal government at $10/MWh until 2014.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Blue Trail is a 66&nbsp;MW wind farm comprised of 22 Vestas V90
3&nbsp;MW turbines located in southern Alberta which commenced commercial
operations in November&nbsp;2009.&#160; The
total capital cost for this wind power project was $115&nbsp;million.&#160; The capacity from this project is sold on the
Alberta Power Pool.&#160; The Blue Trail wind
farm is entitled to receive payments from Natural Resources Canada (&#147;<b>NRCan</b>&#148;), a division of the federal government, through the
eco Energy for Renewable Power (&#147;<b>eERP</b>&#148;) program.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;27, 2008, the Corporation announced that it would be
constructing another 66&nbsp;MW wind generation facility in southern Alberta,
consisting of 22 Vestas V90 3&nbsp;MW wind turbines.&#160; The total capital costs for this expansion of
the Summerview 2 wind power project is expected to be $123&nbsp;million.&#160; The capacity from this project is expected to
be sold on the Alberta Power Pool.&#160; The
Summerview 2 wind farm expansion is entitled to receive payments from NRCan
through the eERP program.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cowley Ridge EcoPower&#174; Centre <b>(&#147;Cowley Ridge</b>&#148;)
has total installed capacity of 21&nbsp;MW and is located near the towns of
Cowley and Pincher Creek, in southern Alberta.&#160;
Cowley Ridge and Cowley expansion are 100 per cent owned by the
Corporation, and are comprised of two parts:&#160;
Cowley Ridge, which became operational in 1993, and the Cowley Expansion
became operational in 1994.&#160; Generation
from this facility is sold in the Alberta spot market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taylor EcoPower&#174; Centre wind facility (&#147;<b>Taylor Wind</b>&#148;)
has total installed capacity of 3 MW and is located adjacent to Taylor
Hydro.&#160; Taylor Wind began commercial
operations in December&nbsp;2004 and is owned by the Corporation.&#160; Generation from this facility is sold in the
Alberta spot market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cowley North EcoPower&#174; Centre (&#147;<b>Cowley North</b>&#148;)
and Sinnott EcoPower&#174; Centre (&#147;<b>Sinnott</b>&#148;) have
a total installed capacity of 20 MW and 7 MW at Sinnot and are located adjacent
to Cowley Ridge and directly east of Cowley Ridge, respectively.&#160; Cowley North and Sinnott began operations in
the fall of 2001 and are 100 per cent owned by the Corporation.&#160; Generation from this facility is sold in the
Alberta spot market.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 15 -<a name="PB_15_125743_7091"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soderglen EcoPower&#174; Centre (&#147;<b>Soderglen</b>&#148;) is
a 71 MW facility located in southern Alberta, southwest of Fort Macleod and 40
kilometres from the Corporation&#146;s wind operations near Pincher Creek.&#160; This 71&nbsp;MW facility is 50 per cent owned
by the Corporation and 50 per cent owned by Nexen Inc.&#160; Commercially operational in September&nbsp;2006,
Soderglen has a total installed capacity of 71&nbsp;MW.&#160; Generation from this facility is sold in the
Alberta spot market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the electricity generated and sold by the Corporation&#146;s wind
division, with the exception of Blue Trail, Macleod Flats, the
Summerview&nbsp;2 (under construction), a 2.5&nbsp;MW expansion of Cowley
Ridge, and Taylor Wind, is generation from facilities that are EcoLogo
certified. The Corporation is an EcoLogo certified distributor of Alternative
Source Electricity through Environment Canada&#146;s Environmental Choice
program.&#160; EcoLogo certification is
granted to products with environmental performance that meet or exceed all
government, industrial safety and performance standards.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Biomass
Facilities</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Grande Prairie EcoPower&#174; Centre (&#147;<b>GPEC</b>&#148;) is a
biomass co-generation facility with an installed capacity of 25&nbsp;MW and is
located adjacent to Canadian Forest Products Ltd.&#146;s Grande Prairie Sawmill in
the city of Grande Prairie, in northern Alberta.&#160; GPEC became commercially operational in
2005.&#160; Generation from GPEC is sold to
Canadian Forest Products Ltd., Alberta Infrastructure and the City of Grande Prairie.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta
PPAs</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the Corporation&#146;s Alberta thermal and hydroelectric facilities,
other than the Wabamun, Genesee&nbsp;3, Belly River, Waterton, St. Mary and
Taylor facilities, and uprated capacity, operate under Alberta PPAs.&#160; The Alberta PPAs establish committed capacity
and electrical energy generation requirements and availability targets to be
achieved by each thermal plant, energy and ancillary services obligations for
the hydroelectric plants, and the price at which electricity is to be supplied.&#160; The Corporation bears the risk or retains the
benefit of volume variances (except for those arising from events considered to
be force majeure, in the case of the thermal plants) and any change in costs
(unless due to a change in law) required to maintain and operate the
facilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the Alberta PPAs, for the formerly regulated thermal facilities,
the Corporation is exposed to electricity price risk if availability declines
below contracted levels (other than as a result of outages caused by an event
of force majeure).&#160; In such
circumstances, the Corporation must pay a penalty for the lost availability
based upon a price equal to the 30 day rolling average of Alberta&#146;s market
electricity prices.&#160; This rolling average
provision attempts to mitigate price spikes that can occur as a result of
sudden outages.&#160; The Corporation attempts
to further mitigate this exposure by maintaining contracted and uncontracted
capacity in the market, through operating and maintenance practices, and
through hedging activities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s hydroelectric facilities, other than Belly River,
Waterton, St. Mary and Taylor Hydro, are not contracted on a facility by
facility basis; rather, facilities are aggregated in a single Alberta PPA which
provides for financial obligations for energy and ancillary services based on
hourly targets.&#160; These targeted amounts
are met by the Corporation through physical delivery or third party purchases.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s compensation under the Alberta PPAs is based on a
pricing formula which replaced the cost of service regime that applied
previously under utility regulation.&#160; Key
elements of the pricing formula are the amount of common equity deemed to form
part of the capital structure, the amount of risk premium attributable to
deemed common equity and a recovery of fixed and variable costs.&#160; Common equity is deemed to be 45 per cent of
total capital and the return on equity is set annually at a 4.5 per cent
premium over the rate on a 10 year Government of Canada Bond.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The pricing formula includes a provision for site restoration costs of
the thermal generating plants for the whole term of the PPA.&#160; If the costs recovered are insufficient, then
the Corporation can apply to the Balancing Pool to recover the incremental
portion.&#160; The Alberta PPAs include, as
part of the capacity payment for hydroelectric operations, an amount for
decommissioning.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The expiry dates for the Corporation&#146;s Alberta PPAs, range from 2013 to
2020.&#160; With the expiry of the PPA at the
Wabamun facility, the Corporation procured an extension of the license to
operate Unit&nbsp;4 of the Wabamun facility until March&nbsp;31, 2010, and
since the extension has sold most of the electricity from the Wabamun facility
on the spot market.&#160; </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 16 -<a name="PB_16_125803_455"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation is evaluating the economics of running assets post PPA
expiry.&#160; Upon the expiry of the PPAs and
subject to procuring an extension of the licenses, if required, the Corporation
will then be able to sell its electricity to the Alberta Power Pool and to
third party purchasers through direct sales agreements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Alberta PPAs (together with legislation which applies thereto)
permit the Balancing Pool, directly or indirectly as successor to the power
purchaser under the Alberta PPAs, to terminate the Alberta PPAs in certain
circumstances.&#160; These termination
provisions are similar to those found in some PPAs entered into by government
related power purchasers.&#160; The
Corporation will be entitled to receive a lump sum payment in connection with
any such termination, other than a termination resulting from the Corporation&#146;s
default, and will thereafter be able to sell the output from any affected
facilities for its own account.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canada: Eastern Canada</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gas-fired
facilities</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s Ontario gas-fired generating facilities are
summarized in the following table:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Location</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Province</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Plant</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Commissioning<br>
  Dates</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sarnia</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sarnia</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">506</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2003</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2022-2025</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ottawa</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ottawa</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">68</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1992</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2012</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Mississauga</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Mississauga</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">108</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1992</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2017</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Windsor</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Windsor</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">68</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1996</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2016</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.42%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">750</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Sarnia plant is a combined cycle cogeneration facility which is
owned by the Corporation.&#160; The Corporation
acquired 135&nbsp;MW of existing electric and steam generation capacity in
2002, and in March&nbsp;2003 the Corporation completed construction and
commissioning on a new 440&nbsp;MW facility.&#160;
In 2009, the Corporation decommissioned and removed a 69&nbsp;MW gas turbine.&#160; The 506&nbsp;MW Sarnia facility provides
steam and electricity to nearby industrial facilities owned by LANXESS
(formerly Bayer Inc.), Nova Chemicals (Canada) Ltd. (which in turn supplies
INEOS NOVA) and Suncor Energy Products Inc.&#160;
On February&nbsp;15, 2006, TransAlta announced that it had signed a five
year agreement with the OPA for generation from its Sarnia facility.&#160; Subsequently, the Ontario Minister of Energy
and Infrastructure directed the OPA to seek contracts with TransAlta and
certain over &#147;Early Movers&#148; on a term and under conditions more in keeping with
those contracts it was offering to new facilities. In September&nbsp;2009,
TransAlta concluded a contract with the OPA, effective as of July&nbsp;1, 2009
and terminating on December&nbsp;31, 2025 under more favourable terms. This new
agreement brings the combined total term contracted with the OPA to 20 years.
The new contract also includes provisions to share the impact and benefit of
changes in customer steam load or the loss of a steam customer.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ottawa plant is owned by TA Cogen.&#160;
It is a combined cycle cogeneration facility designed to produce
68&nbsp;MW of electrical energy.&#160; This
capacity is sold under a long term contract with the Ontario Electricity
Financial Corporation (&#147;<b>OEFC</b>&#148;), an
agency of the Province of Ontario.&#160; This
agreement expires in 2012.&#160; The Ottawa
plant also provides thermal energy to the member hospitals and treatment
centers of the Ottawa Health Sciences Centre, National Defence Medical Centre
and the Perley and Rideau Veterans&#146; Health Centre.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Mississauga plant is owned by TA Cogen.&#160; It is a combined cycle cogeneration facility
designed to produce 108&nbsp;MW of electrical energy.&#160; This capacity is contracted under a long term
contract with the OEFC which expires in 2017.&#160;
The Mississauga Plant provided cogeneration services to Boeing Canada
Inc. (&#147;<b>Boeing</b>&#148;) until July&nbsp;2005 at which
time Boeing exercised its right under the cogeneration services agreement to no
longer take and pay for cogeneration services due to the closure of its
manufacturing facility.&#160; Boeing remains
entitled to any steam credits based on the total plant electricity generation
revenue.&#160; On or prior to each of January&nbsp;1,
2013, 2018 and 2023, Boeing may give notice of its intention to continue to
purchase, or discontinue, cogeneration services.&#160; In addition, on those same dates, Boeing has
the option to require the removal of the Mississauga Plant from the leased
lands or purchase the Mississauga Plant at its net salvage value.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 17 -<a name="PB_17_130339_4141"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 17 -',FILE='C:\JMS\105627\10-4104-1\task3951145\4104-1-kk-05.htm',USER='105627',CD='Feb 24 11:23 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Windsor plant is owned by TA Cogen.&#160;
It is a combined cycle cogeneration facility designed to produce
68&nbsp;MW of electrical energy.&#160;
Currently, 50&nbsp;MW of the capacity is sold under a long term contract
to the OEFC.&#160; This agreement expires in
2016. &#160;The Windsor plant also provides
thermal energy to Chrysler Canada Inc.&#146;s minivan assembly facility in
Windsor.&#160; In 2003, an agreement was
reached with the OEFC to sell the remaining 18&nbsp;MW to the Ontario power
market when it is economic to do so.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hydroelectric
facilities</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s Ontario hydro-electric facilities are summarized in
the following table:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Location</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Province</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.76%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Plant</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW) </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Commissioning<br>
  Dates</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.9%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:14.46%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Montr&#233;al
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Ragged
  Chute</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1991</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wanapiki
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Moose
  Rapids</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1997</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Mississippi
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Appleton</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1994</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Mississippi
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Galetta</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1998</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2011</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Misema
  River System</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Misema</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2003</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2027</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.46%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Note:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Megawatts are rounded to the
nearest whole number.</p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ragged Chute EcoPower&#174; Centre (&#147;<b>Ragged Chute</b>&#148;)
is a run-of-river hydroelectric facility with installed capacity of 7&nbsp;MW
located on the Montreal River, south of New Liskeard, in northern Ontario.&#160; Ragged Chute is 100 per cent owned by the
Corporation.&#160; Generation from this
facility is sold to Constellation Newenergy Canada,&nbsp;Inc.<b>  </b>(&#147;<b>Constellation</b>&#148;).<b>&#160; </b>Ragged Chute has
been operating since 1991.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moose Rapids EcoPower&#174; Centre (&#147;<b>Moose Rapids</b>&#148;)
is a run-of-river hydroelectric facility with installed capacity of 1&nbsp;MW
located on the Wanapitei River, near Sudbury, in northern Ontario.&#160; Moose Rapids is 100 per cent owned by the
Corporation.&#160; Generation from this facility
is sold to Constellation.&#160; Moose Rapids
has been operating since 1997.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Appleton EcoPower&#174; Centre (&#147;<b>Appleton</b>&#148;) is a
run-of-river hydroelectric facility with installed capacity of 1&nbsp;MW
located on the Mississippi River, near Appleton, Ontario.&#160; Appleton is 100 per cent owned by the
Corporation.&#160; Generation from this
facility is sold to Constellation.&#160;
Appleton has been operating since 1994.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Galetta EcoPower&#174; Centre (&#147;<b>Galetta</b>&#148;) is a
run-of-river hydroelectric facility with installed capacity of 2&nbsp;MW also
located on the Mississippi River, near Appleton, Ontario.&#160; Galetta is 100 per cent owned by the
Corporation.&#160; Galetta was originally
built in 1907 and was retrofitted in 1998.&#160;
Generation from this facility is sold to Constellation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Misema EcoPower&#174; Centre (&#147;<b>Misema</b>&#148;) is a
run-of river hydroelectric facility with installed capacity of 3&nbsp;MW
located on the Misema River, close to Englehart, in northern Ontario.&#160; Misema is 100 per cent owned by the
Corporation.&#160; Generation from this
facility is sold to Constellation.&#160;
Misema has been operating since 2003.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 18 -<a name="PB_18_130640_8627"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wind
Generation Facilities</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s Ontario, Qu&#233;bec and New Brunswick wind generation
facilities are summarized in the following table:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Location</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Province</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Plant</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW) </font></b><b><font size="1" style="font-size:6.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership
  <br>
  (%)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Commissioning<br>
  Dates</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.86%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.96%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Melancthon
  Township</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Melancthon&nbsp;I</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">68</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2006</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2026</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Melancthon
  and Amaranth Townships</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Melancthon&nbsp;II</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">132</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2028</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Kingston</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">ON</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wolfe
  Island</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">198</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2029</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Qu&#233;bec</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">QC</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Le
  Nordais</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">99</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1999</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2033</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">New
  Brunswick</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">NB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Kent
  Hills</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">96</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">83</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2033</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">New
  Brunswick</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">NB</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Kent
  Hills</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">54</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2010</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2035</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.02%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">647</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.96%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Megawatts are rounded to the
nearest whole number.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Includes the Kent Hills expansion
facility under construction and expected commissioning date.</p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Melancthon&nbsp;I EcoPower&#174; Centre (&#147;<b>Melancthon&nbsp;I</b>&#148;)
has total installed capacity of 68&nbsp;MW and is located in Melancthon Township
near Shelburne, Ontario.&#160;
Melancthon&nbsp;I became commercially operational on March&nbsp;4,
2006.&#160; Generation from this facility is
sold to the Ontario Power Authority (the &#147;<b>OPA</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Melancthon&nbsp;II is a 132 MW wind project located adjacent to
Melancthon&nbsp;I, in Melancthon and Amaranth Townships.&#160; Together, Melancthon&nbsp;I and II are known
as the Melancthon EcoPower&#174; Centre.&#160;
Melancthon II achieved commercial operations on November&nbsp;24,
2008.&#160; Generation from this facility is
sold to the OPA.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Wolfe Island Wind Project is located on Wolfe Island, near
Kingston, Ontario. This project&#146;s key components include 86, 2.3&nbsp;MW
Siemens wind turbines, low voltage collector system and a high voltage
transmission system, a 34.5 / 340 kV transformer station, and an operations and
maintenance building.&#160; This facility is
owned by the Corporation, and commenced commercial operation on June&nbsp;26,
2009. Generation from this facility is sold to the OPA.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Le Nordais EcoPower&#174; Centre (&#147;<b>Le Nordais</b>&#148;) is
located at two sites:&#160; Cap-Chat (56.25&nbsp;MW
installed capacity, 75 turbines); and Matane (42.75&nbsp;MW installed capacity,
57 turbines).&#160; Le Nordais is on the Gasp&#233;
Peninsula of Qu&#233;bec. Production from this facility is sold to Hydro-Qu&#233;bec.&#160; Le Nordais has been commercially operational
since 1999.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Kent Hills is located in Kent Hills, New Brunswick, and is a 75 MW of
wind power facility with output sold under a 25 year LTC with New Brunswick
Power.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;19, 2007, the Corporation announced that it had been
awarded a 25 year LTC to deliver 75&nbsp;MW of wind power to New Brunswick
Power.&#160; On July&nbsp;17, 2007, the
Corporation announced it had amended its LTC with New Brunswick Power from
75&nbsp;MW to 96&nbsp;MW bringing the total capital cost for the project to an
estimated $170&nbsp;million.&#160; The project
was completed by the end of 2008.&#160; The
project was completed by the end of 2008.&#160;
Natural Forces Technologies Inc. (&#147;<b>Natural Forces</b>&#148;),
an Atlantic Canada based wind developer, is TransAlta&#146;s co development partner
in this project and Natural Forces exercised its option to purchase up to 17
per cent of the Kent Hills project in May&nbsp;2009.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;11, 2010, the Corporation announced that it had been
awarded another 25 year LTC to expand the existing Kent Hills project by
54&nbsp;MW of wind power to New Brunswick Power with a further capital cost of
an estimated $100&nbsp;million.&#160; The
project is scheduled to be completed by the end of 2010.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 19 -<a name="PB_19_130940_7906"></a></font></p>

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<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TA Cogen</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s interest in the 220&nbsp;MW Meridian natural gas
fired generation facility in Saskatchewan, the 780&nbsp;MW Sheerness thermal
generation facility, the 118&nbsp;MW Fort Saskatchewan gas fired cogeneration
facility in Alberta, and the Mississauga, Ottawa and Windsor Essex facilities
in Ontario, are held through TA Cogen, an Ontario limited partnership owned
50.01 per cent by subsidiaries of TransAlta and 49.99 per cent by Stanley Power
Inc., a subsidiary of Cheung Kong Infrastructure Holdings Limited.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s generation facilities in the United States are
summarized in the following table:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Location</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">State</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Plant</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Capacity<br>
  (MW)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Commissioning<br>
  Dates</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Contract<br>
  Expiry Date</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:12.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Centralia</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">WA</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Centralia
  Coal No.&nbsp;1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">688</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1971</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Centralia
  Coal No.&nbsp;2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">688</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1971</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Centralia
  Gas</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">248</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2002</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Skookumchuk</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1970</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Saranac</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">NY</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Saranac</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">240</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">37.5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1994</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Imperial
  Valley</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">CA</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Vulcan</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">34</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1986</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2016</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Del
  Ranch</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">38</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1989</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2018</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Elmore</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">38</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1989</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2018</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Leathers</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">38</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1990</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2019</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">CE
  Turbo</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2029</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Salton
  Sea I</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1987</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2017</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Salton
  Sea II</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1990</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Salton
  Sea III</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1989</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2019</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Salton
  Sea IV</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">40</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1996</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2026</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Salton
  Sea V</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">49</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2020</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Big
  Springs</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">TX</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Power Resources</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">212</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1988</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">-</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Yuma</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">AZ</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Yuma</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1994</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2024</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hilo</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">HI</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Wailuku</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1993</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2023</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">2,464</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Centralia</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation owns a two unit 1,376&nbsp;MW thermal facility and a
248&nbsp;MW gas fired facility in Centralia, Washington, located south of
Seattle.&#160; The Corporation also owns a
1&nbsp;MW hydro electric generating facility on the Skookumchuk River near
Centralia, and related assets which are used to provide water supply to TransAlta&#146;s
other generation facilities at Centralia.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation has entered into a number of medium to long term energy
sales agreements from the Centralia facility.&#160;
The Corporation also sells electricity from the Centralia facility into
the Western Electricity Coordinating Council and, in particular, on the spot
market in the U.S. Pacific Northwest energy market.&#160; The Corporation&#146;s strategy is to balance
contracted and non contracted sales of electricity to manage production and
price risk.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta also owns a coal mine adjacent to the Centralia facility. The
Corporation stopped mining operations at its Centralia coal mine on November&nbsp;27,
2006.&#160; Prior to that date, the Centralia
mine produced approximately five to six&nbsp;million tons of coal annually, or
approximately 70 to 85 per cent of the Centralia plant&#146;s annual coal
requirements.&#160; Although the Corporation
estimates that certain coal reserves remain to be extracted, the Corporation
has not yet received permits for, nor developed the new area, from which this
coal could be produced.&#160; The Corporation
has entered into contracts to purchase and transport coal from the Powder River
Basin in Montana and Wyoming to fuel its facility until such time, if any, as
it is economic to pursue the extraction of coal at its Centralia mine.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 20 -<a name="PB_20_131317_3736"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 20 -',FILE='C:\JMS\105627\10-4104-1\task3951145\4104-1-kk-05.htm',USER='105627',CD='Feb 24 11:23 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During 2009, we wrote down the mining development costs incurred
related to the Westfield project.&#160; These
costs were carried from the shutdown of the Centralia mine as the Corporation
continued to develop mining plans and longer term operation performance of
Centralia Thermal.&#160; As a result of these
plans being put on indefinite hold, these costs were written off.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">CE
Generation</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta owns 50 per cent of CE Generation.&#160; CE Generation, through its subsidiaries, is primarily
engaged in the development, ownership and operation of independent power
production facilities in the United States using geothermal and natural gas
resources.&#160; CE Generation holds a net
ownership interest of approximately 385&nbsp;MW in 13 facilities, having an
aggregate operating capacity of 829&nbsp;MW, including 327&nbsp;MW of
geothermal generation in California and 502&nbsp;MW of gas fired cogeneration
in New York State, Texas and Arizona.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CE Generation affiliates operate the 10 geothermal facilities located
in the Imperial Valley, California.&#160; Each
of the geothermal facilities sells electricity pursuant to independent, long
term contracts.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CE Generation affiliates also operate three natural gas fired
facilities in Texas, Arizona and New York State, having an aggregate generation
capacity of 502&nbsp;MW.&#160; The Arizona
facility sells its output pursuant to long term contracts while the Texas
facility sold its output in 2009 under a tolling agreement, but has since moved
to selling its output in the spot market.&#160;
The New York facility operates an energy management agreement with a
third party who is responsible for marketing the output from the facility and
in return, the owners receive a fixed capacity payment and 80 per cent of
dispatch revenue.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wailuku</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;17, 2006, a subsidiary of TransAlta, together with a
subsidiary of MidAmerican Energy Holdings Company<b>  </b>entered
into an arrangement to purchase a 10&nbsp;MW hydro facility in Hawaii to be
held directly by the Wailuku Holding Company LLC.&#160; Each of TransAlta and Mid American hold a 50
per cent interest in the facility.&#160; The
facility sells electricity pursuant to the terms of a 30 year long term
contract with the Hawaii Electricity Light Company.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Australia</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation holds interests in Western Australia consisting of the
110&nbsp;MW Parkeston generation facility through a 50/50 joint venture with NP
Kalgoorlie Pty Ltd., a subsidiary of Newmont Australia Limited, and the
245&nbsp;MW Southern Cross Energy gas and diesel generation facilities.&#160; Most of TransAlta&#146;s generation supplies two
large mining companies through long term capacity contracts and the remaining
amount of surplus energy and capacity is sold into Australia&#146;s Wholesale
Electricity Market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commercial Operations and Development</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Commercial Operations and Development group provides a number of
strategic functions to the Corporation, including the following:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Gathering and assessing market
intelligence, enabling management to more effectively engage in strategic
planning and decision making for the Corporation.&#160; This includes identifying and ranking energy
markets which are the most attractive to enter, and developing strategies and
plans to effectively compete in each market where the Corporation operates;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Negotiating and entering into
contractual agreements with customers for the sale of output from the
Corporation&#146;s generation assets, including electricity, steam or other energy
related commodities;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Negotiating and managing fuel
supply arrangements with third parties for the Corporation&#146;s generation assets;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 21 -<a name="PB_21_132304_9621"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Scheduling physical deliveries
of natural gas supplies used to generate electricity and the electrical
generation outputs from each asset to meet contractual obligations while
managing the physical and financial risks associated with the generation and transmission
of electrical energy, including during periods of unplanned outages;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Increasing the value of
electricity output and fuel inputs from each generating asset through a variety
of regional portfolio optimization strategies in both the current year and over
the long term; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Recommending optimum
maintenance schedules and operating levels according to current and anticipated
market conditions that will maximize earnings from each of the generation
assets.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beyond these functions, the Commercial Operations and Development group
derives additional revenue and earnings from the wholesale trading of
electricity and other energy related commodities and derivatives.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The group seeks to manage and limit risk exposures from both financial
and physical positions, as well as counterparty risks.&#160; The key risk control activities of the
Commercial Operations and Development group, in conjunction with other
functions of the Corporation, include credit review approval and reporting,
risk measurement monitoring and reporting, validation of transactions, and
trading portfolio valuation monitoring and reporting.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation uses mark to market valuation and the application of a
value at risk (&#147;<b>VAR</b>&#148;) determination for risk
control practices for its trading portfolios.&#160;
This approach is a measure of assessing the potential trading losses
that the Corporation could experience over a given time, due to fluctuations in
energy prices in each market.&#160; The
Corporation&#146;s policy is to actively manage and limit the group&#146;s aggregate VAR
exposure within board approved limits.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Competitive Environment</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta is the largest generator of electricity in Alberta, measured
by capacity, and has a significant portfolio of generation assets in the
Pacific Northwest and the western U.S.&#160;
The Corporation also owns and operates generating assets in British
Columbia, Ontario, Qu&#233;bec, New Brunswick and Australia.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation expects electricity demand to grow as the current
recession ends.&#160; In the long term, most
markets are expected to show growing demand for electricity, however, an
increasing emphasis on efficiency may reduce future growth rates below
historical levels.&#160; In addition to
increased demand, many of the markets in which TransAlta participates have
established renewable portfolio targets or standards that require new renewable
power investments.&#160; As most forms of
renewable generation also involve intermittent or uncertain levels and timing
of production, higher levels of renewable generation may be accompanied by greater
capacity requirements.&#160; The Corporation
believes that continued and growing demand for electricity, renewable portfolio
standards, and the potential of increasing amounts of renewable generation to
require additional capacity may provide an opportunity to increase its
generation capacity.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta is Canada&#146;s fourth largest province by population with
approximately 3.7&nbsp;million residents representing approximately 11 per cent
of Canada&#146;s total population.&#160; Alberta
consumed approximately 70,000 GWh of electricity in 2009.&#160; As at December&nbsp;31, 2009, the aggregate
installed capacity of generating facilities in Alberta was approximately
12,800&nbsp;MW.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Electrical utilities in the U.S. and Canadian Pacific Northwest are
organized into the Western Electricity Coordinating Council (&#147;<b>WECC</b>&#148;).&#160; The WECC is
the largest geographically of the ten regions in the North American Electric
Reliability Council and is divided into four sub regions, of which Region 1
includes British Columbia, Alberta, Washington, Oregon, Idaho, Montana, Utah,
Western Wyoming and Northern Nevada.&#160;
This sub region is referred to as the Northwest Power Pool (&#147;<b>NWPP</b>&#148;).&#160; The WECC
estimates that approximately 370,000 GWh of electricity was consumed in the
NWPP in 2009.&#160; The WECC also reported an
estimated aggregate electrical generating capacity of approximately
86,000&nbsp;MW in the NWPP for the year ending 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">British Columbia is Canada&#146;s third largest province by population with
approximately 4.5&nbsp;million residents, representing approximately 13 per
cent of Canada&#146;s total population.&#160; In
2007, British Columbia adopted &#147;The BC Energy Plan&#148; which sets to &#147;develop
realistic and achievable goals for conservation, energy efficiency and clean
energy&#148;.&#160; Under the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 22 -<a name="PB_22_132500_8715"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BC Energy Plan, British Columbia will be self-sufficient by 2016 with &#147;insurance&#148;
power to supply increased demand levels.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ontario is Canada&#146;s largest province with approximately
13.1&nbsp;million residents representing approximately 39 per cent of Canada&#146;s
total population.&#160; Ontario consumed
approximately 139,000 GWh of electricity in 2009.&#160; Ontario Power Generation Inc., the successor
to the generation business of Ontario&#146;s former integrated electric utility,
controls two thirds of Ontario&#146;s approximately 35,465&nbsp;MW of installed
capacity, the balance of which is owned by municipal electric utilities and
private independent power producers or industrial consumers.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Qu&#233;bec is Canada&#146;s second largest province by population with
approximately 7.8&nbsp;million residents, representing approximately 23 per
cent of Canada&#146;s total population.&#160; The
government in Qu&#233;bec has established the province&#146;s Energy Strategy which
includes up to 4,500&nbsp;MW of additional hydroelectric capacity and
4,000&nbsp;MW of wind capacity installed by 2015.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In New Brunswick, wholesale and industrial consumers are allowed to
purchase power from either New Brunswick Power or a competing supplier.&#160; This competitive market does not extend to
retail customers, businesses or small industries.&#160; In 2007, New Brunswick announced the Charter
for Change requiring 10&nbsp;per cent of electricity purchases to be from
renewable sources commencing in 2016.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Australia is heavily dependent on coal for electricity, with over 80
per cent of the power produced derived from coal.&#160; Natural gas is increasingly used for
electricity, especially in South Australia and Western Australia.&#160; The Australian Bureau of Agriculture and
Resource Economics (&#147;<b>ABARE</b>&#148;)
estimated total production of 283,000 GWh for 2009 with a growth rate of
approximately 2.8 per cent per annum from 2010 to 2015.&#160; The major reform in the Australian
electricity industry involved the establishment in southern and eastern
Australia of the National Electricity Market (&#147;<b>NEM</b>&#148;).&#160; In Western Australia, where TransAlta&#146;s power
assets are located, a new Wholesale Electricity Market (&#147;<b>WEM</b>&#148;)
was introduced in late 2006.&#160; Total
installed capacity in the WEM is about 4,500&nbsp;MW, while TransAlta&#146;s
capacity in the region is approximately 300&nbsp;MW.&#160; TransAlta enjoys a solid competitive
advantage in power supply to mining operations, especially remote mining
operations, and has built up significant knowledge and expertise in this field.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Competitive Strengths</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation believes it is well positioned to achieve its business strategy
due to its competitive strengths, which include the following:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Financial
strength</font></i><font size="2" style="font-size:10.0pt;">
- - The Corporation has investment grade ratings from Moody&#146;s Investor Services,&nbsp;Inc.
(&#147;<b>Moody&#146;s</b>&#148;), Standard&nbsp;&amp; Poor&#146;s,
a division of the McGraw Hill Companies,&nbsp;Inc. (&#147;<b>S&amp;P</b>&#148;)
and Dominion Bond Rating Service Limited (&#147;<b>DBRS</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Stable
cash flow base</font></i><font size="2" style="font-size:10.0pt;"> &#150; Approximately 77 per cent of the Corporation&#146;s generating capacity
is contracted through PPAs, LTCs or other wholesale market transactions for the
next five years.&#160; The net revenue
received under these contractual arrangements helps to minimize short term
revenue fluctuations due to the variable price of electricity.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Fuel
diversity</font></i><font size="2" style="font-size:10.0pt;">
- - The Corporation has a diverse mix of fuels used for the generation of
electricity, including coal, natural gas, hydro, geothermal, wind and
biomass.&#160; The Corporation believes that
this mix reduces the impact on corporate performance in the event of external
events affecting one fuel source.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Management
team</font></i><font size="2" style="font-size:10.0pt;"> -
The Corporation&#146;s management team has substantial industry, international and
local market experience.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Commercial
Operations and Development expertise</font></i><font size="2" style="font-size:10.0pt;"> - The Corporation believes that its
Commercial Operations and Development group has enhanced returns from the
Corporation&#146;s existing generation base and has allowed the Corporation to
obtain more favourable pricing for uncommitted electricity, secure fuel supply
on a cost effective basis and fulfill electricity delivery obligations in the
event of an outage.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 23 -<a name="PB_23_132518_563"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ownership
or control of coal supply</font></i><font size="2" style="font-size:10.0pt;"> - The Corporation owns, controls or leases extensive
coal reserves in Alberta that provide a long term and stable source of fuel for
all of its thermal generation capacity in Alberta.&#160; The Corporation&#146;s mines in Alberta contain
some of the lowest sulphur coal in North America, averaging 0.25 per cent
sulphur at the Whitewood mine and 0.25 per cent at the Highvale mine.&#160; Coal with lower sulphur content emits less sulphur
dioxide when it is burned.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Wind
Generation</font></i><font size="2" style="font-size:10.0pt;"> - The Corporation is one of the largest owners and operators of wind
generation in Canada.&#160; The Wind
management team has developed key relationships with customers, suppliers and
policy makers that provide a competitive advantage in the development,
operations and marketing of wind generation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Environment</font></i><font size="2" style="font-size:10.0pt;"> &#150; The Corporation is a
recognized leader in Sustainable Development and has taken early preventative
action on a number of environmental fronts in advance of regulation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital Expenditures</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital expenditures for property and investments (including
acquisitions) by TransAlta for the past five years were:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sustaining
  Capital</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Growth
  Capital</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
  Expenditures</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2009</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$380 million</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.9%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.56%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$1,290 million</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$1,670&nbsp;million</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$465 million</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.9%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.56%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$541 million</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$1,006&nbsp;million</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2007</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$371 million</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.9%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.56%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$228 million</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$599&nbsp;million</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$207 million</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.9%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.56%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$17 million</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$224&nbsp;million</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.92%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2005</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.1%;">
  <p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$287 million</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.9%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.3%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.56%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$39 million</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$326&nbsp;million</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Sustaining capital
includes routine and productivity expenditures, mining equipment and land
purchases, equipment modifications at Centralia, and planned maintenance.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Growth capital
consists primarily of expenditures for Keephills&nbsp;3, the acquisition of
Canadian Hydro, uprates and wind projects.</p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENVIRONMENTAL
RISK MANAGEMENT</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta is subject to federal, provincial, state and local
environmental laws, regulations and guidelines concerning the generation and
transmission of electrical and thermal energy and surface mining.&#160; TransAlta is committed to complying with
legislative and regulatory requirements and to minimizing the environmental
impact of its operations.&#160; TransAlta
works with governments and the public to develop appropriate frameworks to
protect the environment and to promote sustainable development.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta&#146;s approach to managing its environmental, health and safety (&#147;<b>EHS</b>&#148;) risks has three elements:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Compliance based activities,
such as permitting and reporting;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">ISO based EHS Management
systems and programs, such as safety programs and auditing; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Longer term strategic
initiatives, including climate change and government policy development.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These elements are integrated into TransAlta&#146;s corporate wide
operations and management systems.&#160; They
are designed to mitigate risks of TransAlta&#146;s activities to employees, the
public and the environment, and to address potential competitive risks from
future changes in environmental policy.&#160;
They are also supportive of TransAlta&#146;s corporate commitment to
sustainability and are part of our long term strategy.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To meet regulatory requirements and improve environmental performance,
TransAlta made environmental operating and capital expenditures in fiscal year
2009 of approximately $45&nbsp;million.&#160;
Long term environmental expenditures are generally defined as
expenditures incurred to comply with Canadian or international environmental
regulations, conventions or voluntary agreements.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 24 -<a name="PB_24_132939_9497"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 24 -',FILE='C:\JMS\c900526\10-4104-1\task3950346\4104-1-kk-07.htm',USER='c900526',CD='Feb 24 05:29 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All TransAlta&#146;s facilities are in material compliance with existing
regulatory requirements.&#160; Environmental
risk at the plants operated by TransAlta has been reduced by actions in several
areas:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Continued investment in
mercury control technology leading to expected installation of mercury capture
equipment at our Alberta coal plants in 2010, and at our Centralia, Washington
coal plant by 2012;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Uprate improvements delivering
higher efficiency generation at the Sundance plant;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Continued program of
compliance and management system audits at all facilities;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">The planned decommissioning of
the older Wabamun thermal plant in 2010;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Acquisition of carbon offsets;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Continued expansion of the renewable
energy business, with minimal emissions footprint; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Initiation of the Project
Pioneer carbon capture and storage demonstration project in Alberta.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta anticipates future environmental regulatory developments in
areas such as climate change, air quality and water.&#160; Regulatory changes and policy developments
are tracked in all relevant jurisdictions.&#160;
Relevant regulatory developments are discussed below.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canada</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December&nbsp;2009, the Copenhagen Accord on climate change was
negotiated and announced by participating countries.&#160; The Accord is not binding and does not
stipulate a global target for greenhouse gas (&#147;<b>GHG</b>&#148;)
reductions.&#160; Countries are responsible
for determining their own targets and policies to manage emissions.&#160; The Government of Canada had targeted a 20
per cent GHG reduction by 2020.&#160; However,
the Government of Canada has not yet implemented a framework or regulations to
that effect and has consistently stated that it intends to coordinate its
climate change policies with those of the U.S. to facilitate a continental cap
and trade system.&#160; TransAlta anticipates
that the details and schedule of the Canadian program will depend on the
development and direction of the U.S. approach.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Separately, the Government of Canada announced its intent to develop
new Canadian air pollutant requirements for sulphur dioxide, nitrogen oxide (&#147;<b>NOx</b>&#148;) and mercury.&#160;&#160;
No regulations have yet been developed.&#160;
Work continues through a stakeholder consultation process involving
industry, provincial and federal governments, and environmental
organizations.&#160; There is currently no
defined date for the finalization and implementation of any recommendations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;1, 2009, the Government of Ontario released its
mandatory GHG reporting regulation, requiring industrial facilities over 25,000
tonnes of carbon dioxide (&#147;<b>CO2</b>&#148;) emissions
per year to report annually.&#160; The first
reporting is required by June&nbsp;2011 for 2010 emissions.&#160; This regulation is intended to lay the
groundwork for an Ontario-based GHG regulatory framework to be implemented in
2010.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alberta continues to maintain its GHG regulatory regime which requires
reductions of 12 per cent in emission intensity from a 2003-2005 average
baseline.&#160; The Corporation&#146;s PPAs, for
our Alberta-based coal facilities, contain change-in-law provisions that allow
us to recover these compliance costs from the PPA customers.&#160; For 2009 emissions, after flow-through, our
annual net GHG compliance costs will be approximately $4&nbsp;million.&#160; We continue to examine compliance options,
including additions to our offsets portfolio to minimize our compliance risk
beyond that period.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We continue to make operational improvements and investments to our
existing generating facilities to reduce the environmental impact of generating
electricity.&#160; TransAlta is installing
mercury control equipment at its Alberta thermal operations in 2010 in order to
meet the province&#146;s 70 per cent mercury reduction objectives.&#160; The new Keephills&nbsp;3 plant will use
supercritical combustion technology to maximize thermal efficiency, as well as
sulphur dioxide capture and low NOx combustion technology.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 25 -<a name="PB_25_132959_3641"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;14, 2009, the Alberta and Canadian governments each announced
that Project Pioneer, TransAlta&#146;s CCS<b>  </b>project, had
received committed funding of more than $750&nbsp;million.&#160; This funding is provided as part of the
Government of Canada&#146;s $1 billion Clean Energy Fund and the Government of
Alberta&#146;s $2 billion CCS initiative.&#160; The
funding will support the undertaking of FEED study that is expected to be
completed in 2010.&#160; Once built, the plant
will be one of the largest CCS facilities in the world and the first to have an
integrated underground storage system. The project will pilot Alstom Canada&#146;s
proprietary chilled ammonia carbon capture technology and will be designed to
capture one megatonne of CO2 per year at our Keephills 3 facility.&#160; The CO2 will be used for enhanced oil
recovery as well as injected into a permanent geological storage site.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, TransAlta looks to advance other clean energy technologies
through organizations such as the Canadian Clean Coal Power Coalition which
examines emerging clean combustion technologies such as gasification.&#160; TransAlta is also part of a group of companies
participating in the Integrated CO2 Network to develop carbon capture and
storage systems and infrastructure for Canada.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the United States, the Senate is currently considering GHG
legislation following passage in the U.S. House of Representatives of the
American Clean Energy and Security Act in June&nbsp;2009.&#160; The legislation is based on a cap and trade
system which is designed to achieve a 17 per cent reduction in GHG emissions by
2020.&#160; There is significant uncertainty
regarding the form and schedule of legislation from the Senate.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meanwhile, the U.S. Environmental Protection Agency (the &#147;<b>EPA</b>&#148;) is pursuing a separate path to regulate GHG&#146;s under
the Clean Air Act.&#160; In November&nbsp;2009,
the EPA upheld its endangerment finding which determines that CO2 is a
pollutant and, therefore, able to be regulated by the EPA under the Clean Air
Act.&#160; The implications of a legislative
option versus the EPA regulatory approach is uncertain.&#160; In September&nbsp;2009, the EPA adopted a
mandatory GHG reporting rule&nbsp;for all facilities emitting more than 25,000
tons per year of CO2 equivalents.&#160; This rule&nbsp;became
effective on December&nbsp;29, 2009, and will require reporting to commence for
such facilities in the U.S., including our Centralia facilities, during 2010.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In May&nbsp;2009, in the state of Washington, the governor signed an
executive order outlining the state government&#146;s plan for addressing climate
change related emissions.&#160; The executive
order included a directive to the State Department of Ecology to work with
TransAlta to apply the Washington&#146;s GHG performance standard for power
generation to the Centralia facilities no later than 2025.&#160; The standard will require emissions of
approximately 0.5 tonnes/MWh, or about half of what is currently emitted at
Centralia.&#160; Exploratory discussions are
underway with the State Department of Ecology about how this might be
achieved.&#160; At this time, it is not clear
how Washington&#146;s target and timeframe will align with federal GHG legislation
when it comes into effect.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further, in the state of Washington, since September&nbsp;there has
been a public process to review a draft agreement between TransAlta and
Washington regarding TransAlta&#146;s voluntary initiative to reduce NOx and mercury
emissions from the Centralia facilities.&#160;
Specifically, TransAlta has proposed to:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">control NOx emissions to a
maximum of 0.24 lbs/million BTU&#146;s fuel input, and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">reduce mercury emissions by 50
per cent from current levels.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is expected that Washington State will issue its final determination
in the spring of 2010.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Environmental issues concerning water use are managed within the ISO
14001 framework.&#160; TransAlta continues to
work with regulators in each jurisdiction in which it operates, to ensure water
is used wisely on site and that all regulations pertaining to water and
wetlands management, both on and off site, are met.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta&#146;s environmental efforts have been recognized by the Dow Jones
North American Sustainability Index for four years in a row.&#160; The Index represents the best environmental
performance leaders in North America.&#160; In
2008, TransAlta also participated in the global Carbon Disclosure Project which
requires detailed assessments of corporate climate change plans and actions.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 26 -<a name="PB_26_133017_5250"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">RISK
FACTORS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Readers should consider carefully the risk factors set forth below as
well as the other information contained and incorporated by reference in this
Annual Information Form.&#160; For a further
discussion of risk factors affecting TransAlta, please refer to &#147;Risk Factors&#148;
in the Annual MD&amp;A, which is incorporated by reference herein.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A reference herein to a material adverse effect on the Corporation
means such an effect on the Corporation on its business, financial condition,
results of operations, or its cash flows, as the context requires.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in the prices and availability of
fuel supplies required to generate electricity, and in the price of
electricity, may materially adversely affect the Corporation.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A significant portion of the Corporation&#146;s revenues are tied, either
directly or indirectly, to the market price for electricity in the markets in
which the Corporation operates.&#160; Market
electricity prices are impacted by a number of factors, including: the strength
of the economy, the available transmission capacity, the price of fuel that is
used to generate other sources of electricity (and, accordingly, certain of the
factors that affect the price of fuel described below); the management of
generation and the amount of excess generating capacity relative to load in a
particular market; the cost of controlling emissions of pollution, including
potentially the cost of carbon; the structure of the particular market; and
weather conditions that impact electrical load.&#160;
As a result, the Corporation cannot accurately predict future
electricity prices and electricity price volatility could have a material
adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation buys natural gas and some of its coal to supply the
fuel needed to generate electricity.&#160; The
Corporation could be materially adversely affected if the cost of fuel that it
must buy to generate electricity increases to a greater degree than the price
that it can obtain for the electricity that it sells.&#160; Several factors affect the price of fuel,
many of which are beyond the Corporation&#146;s control, including:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">prevailing market prices for
fuel, including any associated transportation costs;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">global demand for energy
products;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">the cost of carbon and other
environmental concerns;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">weather-related disruptions
affecting ability to deliver fuels or near-term demand for fuels;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">increases in the supply of
energy products in the wholesale power markets; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">the extent of fuel
transportation capacity or cost of fuel transportation service into the
Corporation&#146;s markets.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in any of these factors may increase the Corporation&#146;s cost of
producing power or decrease the amount of revenue it receives from the sale of
power, which could materially adversely affect the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The rules&nbsp;and regulations in the
various markets in which the Corporation operates are subject to change, which
may materially adversely affect the Corporation.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain of the markets in which the Corporation operates and intends to
operate are subject to significant regulatory oversight and control.&#160; The Corporation is not able to predict
whether there will be any further changes in the regulatory environment,
including potential regulation of the rates allowed to be charged and the
capital structure of wholesale generating companies such as the Corporation, or
what the ultimate effect of a changing regulatory environment will have on its
business.&#160; Existing market rules&nbsp;and
regulations may be revised or reinterpreted and new laws and regulations may be
adopted or become applicable to the Corporation or its facilities which could
have a material adverse effect on the Corporation.&#160; The Corporation cannot guarantee that it will
be able to adapt its business in a timely manner in response to any changes in
the regulatory regimes in which it operates, and such failure to adapt could
have a material adverse effect on the Corporation.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 27 -<a name="PB_27_133035_7672"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regulatory authorities may also from time to time investigate the
Corporation&#146;s activities in the markets in which it operates or pursues
trading.&#160; Such investigations may result
in sanctions or penalties which may materially affect the Corporation&#146;s future
activities or financial status.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s facilities are also subject to various licensing and
permitting requirements in the jurisdictions in which they operate, many of
which licenses and permits need to be renewed from time to time.&#160; If the Corporation is unsuccessful in
renewing such licenses or permits, or the terms of such licenses or permits are
changed in a manner that is adverse to the Corporation, the Corporation could
be materially adversely affected.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any changes in the rules&nbsp;and regulations of provincial or state
public utility commissions or other regulatory bodies in the other markets in
which the Corporation competes or may compete in the future may materially
adversely affect the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Many of the Corporation&#146;s activities and
properties are subject to environmental requirements and changes in, or
liabilities under, these requirements may materially adversely affect the Corporation.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s operations are subject to extensive federal,
provincial, state and local environmental laws, regulations and guidelines,
relating to the generation and transmission of electrical and thermal energy
and surface mining, pertaining to pollution and protection of the environment,
health and safety and governing among other things, air emissions, water usage
and discharges, storage, treatment and disposal of waste and other materials
and remediation of sites and land use responsibility (collectively, &#147;<b>environmental regulation</b>&#148;).&#160;
These laws can impose liability for costs to investigate and remediate
contamination without regard to fault and under certain circumstances liability
may be joint and several resulting in one responsible party being held
responsible for the entire obligation.&#160;
Environmental regulation can also impose, among other things,
restrictions, liabilities and obligations in connection with the generation,
handling, use, storage, transport, treatment and disposal of hazardous
substances and waste and can impose clean up, disclosure or other
responsibilities with respect to spills, releases and emissions of various
substances to the environment.&#160;
Environmental regulation can also require that facilities and other
properties associated with the Corporation&#146;s operations be operated,
maintained, abandoned and reclaimed to the satisfaction of applicable
regulatory authorities.&#160; In addition,
there is an increasing level of environmental regulation regarding the use,
treatment and discharge of water and increasing anticipation of new or
additional emission regulations at a national level in Canada and the United
States which may impose different compliance requirements standards on the
Corporation.&#160; These various compliance
standards may result in duplicate compliance and costs requirements for the
Corporation or may impact our ability to operate our facilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To comply with environmental regulation, the Corporation must incur
material capital and operating expenditures relating to environmental
monitoring, emissions and effluent control equipment and processes, emissions
measurement, verification and reporting, emissions fees and other compliance
activities or obligations.&#160; The Corporation
expects to continue to have environmental expenditures in the future.&#160; Stricter standards, new or greater
regulation, increased enforcement by regulatory authorities, more extensive
permitting requirements, an increase in the number and types of assets operated
by the Corporation subject to environmental regulation and the implementation
of provincial, state and national GHG emissions, mercury emissions or other air
emissions regulation in a jurisdiction in which we operate could increase the
amount of these expenditures.&#160; To the
extent these expenditures cannot be passed through to our customers under our
power purchase agreements, including Alberta PPAs or otherwise, the costs to
the Corporation could be material.&#160; In
addition, compliance with environmental regulation might result in restrictions
on some of the Corporation&#146;s operations.&#160;
If the Corporation does not comply with environmental regulation,
regulatory agencies could seek to impose statutory, administrative and/or
criminal liabilities on the Corporation or to curtail its operations and
significant expenditures on compliance, new equipment or technology, reporting
obligations and research and development.&#160;
In addition to environmental regulation, the Corporation could also face
civil liability in the event that private parties seek to impose liability on
the Corporation for property damage, personal injury or other costs and
losses.&#160; The Corporation cannot guarantee
that lawsuits or administrative or investigative actions will not be commenced
against it and otherwise affect its operations and assets.&#160; If an action is filed against the Corporation
or which may otherwise affect its operations and assets, the Corporation could
be required to make substantial expenditures to defend or evidence its activities
or to bring the Corporation, its operations and assets into compliance, which
could have a material adverse effect on the Corporation.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 28 -<a name="PB_28_133048_536"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A number of recent federal, provincial, state and local regulatory
efforts continue to focus on potential climate change or GHG emissions
regulation, and mandatory GHG reporting requirements will be effective for 2010
in both Ontario and the United States.&#160;
In both Canada and the U.S., GHG legislation or alternative forms of
regulation are still under development, and it is too early to determine their
impacts.&#160; Mandatory GHG emissions
reductions requirements are expected to impose increased costs on the
Corporation, as is expected to be the case generally for thermal power
producers in North America.&#160; The
Corporation is subject to other air quality regulation including mercury
regulation.&#160; At this time, the
Corporation cannot assess the potential impact of future mercury regulation at
its United States facilities.&#160; To the
extent new or additional GHG, mercury or other air emission regulations may
require the Corporation to incur costs that cannot be passed through to its
customers under its power purchase agreements, including Alberta PPAs or
otherwise, the costs could be material and have a material adverse effect on
the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s surface mining operations are subject to laws and
regulations establishing mining, environmental protection and reclamation
standards for all aspects of surface mining.&#160;
As a mine owner or operator, the Corporation must obtain permits from
the applicable regulatory body providing for the authorization of certain
mining operations that result in a disturbance of the surface.&#160; These requirements seek to limit the adverse
impacts of coal mining and more restrictive requirements may be adopted from
time to time.&#160; TransAlta as a mine owner
or operator may also be required to submit a bond or otherwise secure payment
of certain long term obligations including mine closure or reclamations
costs.&#160; Surety bond costs have increased
in recent years while the market terms of such bonds have generally become more
unfavourable.&#160; In addition, the number of
companies willing to issue surety bonds has decreased.&#160; TransAlta could be required to self fund
these obligations should it be unable to renew or secure the required surety
bonds for its mining operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in general economic conditions may
have a material adverse effect on the Corporation.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adverse changes in general economic and market conditions could negatively
impact product demand, revenue, operating costs, timing and extent of capital
expenditures, the net recoverable value of plant, property and equipment,
results of financing efforts, credit risk, and counterparty risk, which could
have a material adverse effect on the Corporation.&#160; Changes in interest rates can impact the
Corporation&#146;s borrowing costs and the capacity revenues the Corporation
receives pursuant to the Alberta PPAs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under the government mandated Alberta PPAs pursuant to which the Corporation
operates most of its thermal and hydroelectric facilities in Alberta, the
Corporation is subject to certain risks, including the possibilities of
penalties for unplanned outages and the burden of increased costs required to
maintain and operate its generation facilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The majority of the Corporation&#146;s Alberta thermal and hydroelectric
generating plants operate under the Alberta PPAs which established committed
capacity and electrical energy generation requirements and availability targets
to be achieved by each coal fired plant, energy and ancillary services
obligations for the hydroelectric plants, and the price at which power will be
supplied.&#160; Under the Alberta PPAs
applicable to coal fired plants, in the event of an unplanned outage, other than
an outage determined to be caused by force majeure, the Corporation must pay a
penalty for the lost production based upon a price equal to the 30 day trailing
average of Alberta market electricity prices.&#160;
Consequently, an unplanned outage could have a material adverse effect
on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation bears some of the impact of increases in its operating
costs (other than increases arising as a result of a &#147;change of law&#148; as such
term is defined in the Alberta PPAs) because the price at which the Corporation
is able to sell its generation under the Alberta PPAs is based on a schedule of
forecast fixed costs.&#160; Many of the
forecast costs will be determined by indices, formulae or other means for the
entire term of the Alberta PPA.&#160; The
Corporation&#146;s actual results will vary and depend on performance compared to
the forecasts on which the Alberta PPAs are based.&#160; Operating costs could increase as a result of
a number of factors which are beyond the Corporation&#146;s control.&#160; A significant increase in the Corporation&#146;s
operating costs could have a material adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From time to time during the term of the Alberta PPAs, issues may arise
regarding the intended operation of the Alberta PPAs which may require certain
provisions of the Alberta PPAs to be interpreted, and the interpretations given
may not be favourable to the Corporation.&#160;
In such circumstances, the Corporation could be materially adversely
affected.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 29 -<a name="PB_29_133059_5926"></a></font></p>

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<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The operation and maintenance of the
Corporation&#146;s facilities involves risks that may materially adversely affect
the Corporation.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The operation, maintenance, refurbishment, construction and expansion
of power generation facilities involve risks, including breakdown or failure of
equipment or processes, fuel interruption and performance below expected levels
of output or efficiency.&#160; Certain of the
Corporation&#146;s generation facilities, particularly in Alberta, were constructed
many years ago and may require significant capital expenditures to maintain
peak efficiency or to maintain operations at all.&#160; In addition, weather related interference,
work stoppages&nbsp;and other unforeseen problems may disrupt the operation and
maintenance of the Corporation&#146;s facilities and may materially adversely affect
the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation has entered into on going maintenance and service
agreements with the manufacturers of certain critical equipment.&#160; If a manufacturer is unable or unwilling to
provide satisfactory maintenance or warranty support, the Corporation may have
to enter into alternative arrangements with other providers if it cannot
perform the maintenance itself.&#160; These
arrangements could be more expensive to the Corporation than its current
arrangements and this increased expense could have a material adverse effect on
the Corporation.&#160; If the Corporation is
unable to enter into satisfactory alternative arrangements, the inability of
the Corporation to access technical expertise or parts could have a material
adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Corporation maintains an inventory, or otherwise makes
arrangements to obtain, spare parts to replace critical equipment and maintains
insurance for property damage to protect against operating risks, these
protections may not be adequate to cover lost revenues or increased expenses
and penalties which could result if the Corporation is unable to operate its
generation facilities at a level necessary to comply with sales contracts
(including Alberta PPAs).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation may be subject to the risk that it is necessary to
operate a plant at a capacity level beyond that which the Corporation has
contracted to provide steam in order to fulfill a contract.&#160; In such circumstances the costs to produce
the steam being sold may exceed the revenues derived therefrom.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation relies on transmission
lines that it does not own or control, which may hinder its ability to deliver
electricity.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation depends on transmission and distribution facilities
that are owned and operated by utilities and other power companies to deliver
the electricity the Corporation generates.&#160;
An extended disruption in transmission would impact the Corporation&#146;s
ability to sell and deliver electricity, which could have a material adverse effect
on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Variations in weather can affect demand for
electricity and the Corporation&#146;s ability to generate electricity.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By the nature of the Corporation&#146;s business, the Corporation&#146;s earnings
are sensitive to weather variations from period to period.&#160; Variations in winter weather affect the
demand for electrical heating requirements.&#160;
Variations in summer weather affect the demand for electrical cooling
requirements.&#160; These variations in demand
translate into spot market price volatility.&#160;
Variations in precipitation also affect water supplies, which in turn
affect the Corporation&#146;s hydroelectric assets.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation may be adversely affected
if its supply of water is materially reduced.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hydroelectric, natural gas, biomass and coal fired plants require
continuous water flow for their operation.&#160;
Shifts in weather or climate patterns, seasonable precipitation, the
timing and rate of melting, run off, and other factors beyond the control of
the Corporation, may reduce the water flow to the Corporation&#146;s
facilities.&#160; Any material reduction in
the water flow to the Corporation&#146;s facilities would limit the Corporation&#146;s
ability to produce and market electricity from these facilities and could have
a material adverse effect on the Corporation.&#160;
There is an increasing level of regulation respecting the use, treatment
and discharge of water, and respecting the licensing of water rights in
jurisdictions where the Corporation operates.&#160;
Any such change in regulations could have a material adverse effect on
the Corporation.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 30 -<a name="PB_30_133126_2983"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dam failures may result in lost generating
capacity, increased maintenance and repair costs and other liabilities.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The occurrence of dam failures at any of our hydroelectric facilities
could result in a loss of generating capacity, and repairing such failures
could require us to incur significant expenditures of capital and other
resources.&#160; If such failures occur, we
could be exposed to significant liability for damages. &#160;There can be no assurance that our dam safety
program will be able to detect potential dam failures prior to occurrence or
eliminate all adverse consequences in the event of failure.&#160; Other safety regulations could change from
time to time, potentially impacting our costs and operations.&#160; Upgrading all dams to enable them to
withstand more severe events could require us to incur significant expenditures
of capital and other resources.&#160; The
consequences of dam failures could have a material adverse effect on the
Corporation.&#160; We attempt to manage this
risk by following preventative maintenance procedures and obtaining insurance
coverage, however, in the event of a sufficiently large dam failure, insurance
coverage may not be adequate and we may suffer a material adverse effect.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Variation in wind levels may negatively
impact the amount of electricity generated at the Corporation&#146;s wind
facilities.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wind is naturally variable.&#160;
Therefore, the level of electricity production from our wind facilities
will also be variable.&#160; In addition, the
strength and consistency of the wind resource at our wind facilities may vary
from what we anticipate due to a number of factors including: the extent to
which our site-specific historic wind data and wind forecasts accurately
reflects actual long-term wind speeds, strength and consistency; the potential
impact of climatic factors; the accuracy of our assumptions relating to, among
other things, weather, icing and soiling of wind turbines, site access, wake and
line losses and wind shear; the potential impact of topographical variations;
and the potential for electricity losses to occur before delivery.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A reduced amount of wind at the location of one or more of our wind
facilities over an extended period may reduce the production from such
facilities, as well as any environmental attributes that accrue to the Corporation
and reduce our revenues and profitability.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disruption in fuel supply from forest
products industry could negatively impact our biomass facility.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GPEC has its full electrical capacity committed to long term contracts,
which requires consistent wood waste deliveries for fuel.&#160; These fuel deliveries are in part supplied
directly from the on-site customer, with the balance delivered by truck from
other customer owned facilities.&#160; Loss of
the on-site supply of wood waste may result in increased fuel expense in order
to continue to meet all electrical supply obligations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation could be adversely affected
by natural disasters or other catastrophic events.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s generation facilities and its operations are exposed
to potential damage and partial or complete loss, resulting from environmental
disasters (e.g. floods, high winds, fires, and earthquakes), equipment failures
and other events beyond our control.&#160; The
occurrence of a significant event which disrupts the ability of the generation
facilities to produce or sell power for an extended period, including events
which preclude existing customers from purchasing electricity, could have a
material adverse effect on the Corporation.&#160;
The Corporation&#146;s generation facilities could be exposed to effects of
severe weather conditions, natural disasters and potentially catastrophic
events such as a major accident or incident at the Corporation&#146;s sites or at a
generating facility owned by a third party to which the Corporation&#146;s
transmission assets are connected.&#160; In
certain cases, there is the potential that some events may not excuse the
Corporation from performing its obligations pursuant to agreements with third
parties.&#160; The fact that several of the
Corporation&#146;s generation facilities are located in remote areas may make access
for repair of damage difficult.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment failure may have a material
adverse effect on the Corporation.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is a risk of equipment failure due to wear and tear, latent
defect, design error or operator error, among other things, which could
materially adversely affect the Corporation.&#160;
Although the Corporation&#146;s generation facilities have generally operated
in accordance with expectations, there can be no assurance that they will
continue to do so.&#160; In addition, there
can be no assurance that any applicable insurance coverage would be adequate to
protect the Corporation from material adverse effects.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 31 -<a name="PB_31_133140_6228"></a></font></p>

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<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trading risks may have a material adverse
effect on the Corporation.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s trading and marketing business frequently involves
the establishment of trading positions in the wholesale energy markets on both
a medium term and short term basis.&#160; To
the extent that the Corporation has long positions in the energy markets, a
downturn in the markets is likely to result in losses from a decline in the
value of such long positions.&#160;
Conversely, to the extent that the Corporation enters into forward sales
contracts to deliver energy the Corporation does not own, or take short
positions in the energy markets, an upturn in the energy markets is likely to
expose the Corporation to losses as it attempts to cover any short positions by
acquiring energy in a rising market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, from time to time, the Corporation may have a trading
strategy consisting of simultaneously holding a long position and a short
position, from which the Corporation expects to earn a profit based on changes
in the relative value of the two positions.&#160;
If, however, the relative value of the two positions changes in a
direction or manner the Corporation did not anticipate, it could realize losses
from such a paired position.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the strategy the Corporation uses to hedge its exposures to these
various risks is not effective, it could incur significant losses.&#160; The Corporation&#146;s trading positions are
subject to the level of volatility in the energy markets that, in turn, depend
on various factors, including weather in various geographical areas and short
term supply and demand imbalances, which cannot be predicted with any
certainty.&#160; A shift in the energy markets
could adversely affect the Corporation&#146;s positions which could also have a
material adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Corporation uses a number of risk management controls
conducted by the Corporation&#146;s independent Risk Management Group to limit its
exposure to risks arising from its trading activities, including value at risk,
stop loss restrictions, stress testing, volumetric and term limits and
restrictions on authorized instruments, the Corporation cannot guarantee that
losses will not occur and such losses, if material, could have a material
adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation operates a highly
competitive environment and may not be able to compete successfully.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We operate in a number of Canadian provinces, as well as in the United
States and Australia.&#160; These areas of
operation are affected by competition ranging from large utilities to small independent
power producers, as well as private equity and international
conglomerates.&#160; Some competitors have
significantly greater financial and other resources than we do.&#160; Competitive harm could have a material
adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because of the Corporation&#146;s multinational
operations, the Corporation is subject to currency rate risk and regulatory and
political risk.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A significant part of the Corporation&#146;s revenues and expenditures are
in U.S. and other currencies.&#160;
Fluctuations in the exchange rate between these currencies and the
Canadian dollar could have a negative effect on the Corporation.&#160; While the Corporation attempts to manage this
risk through its use of hedging instruments, including cross currency swaps,
forward exchange contracts and by matching revenues and expenses by currency at
the Corporate level, there can be no assurance that these risk management
efforts will be effective and fluctuations in these exchange rates may have a
material adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to currency rate risk, the Corporation&#146;s foreign operations
may be subject to regulatory and political risk.&#160; Any change to the regulations governing power
generation or the political climate in countries where the Corporation has
operations could impose additional costs and have a material adverse effect on
the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation may have difficulty raising
needed capital in the future, which could significantly harm its business.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that the Corporation&#146;s sources of cash and cash flow from
operations are insufficient to fund the Corporation&#146;s activities, it may need
to raise additional funds.&#160; Additional
financing may not be available when needed and, if such financing is available,
it may not be available on terms favourable to the Corporation.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 32 - <a name="PB_32_101755_5335"></a></font></p>

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<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The </font></i></b><font size="2" style="font-size:10.0pt;">Corporation&#146;s</font><font size="2" style="font-size:10.0pt;"> debt securities will be
structurally subordinated to any debt of its subsidiaries that is currently
outstanding or may be incurred in the future.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation operates its business through, and a majority of its
assets are held by, its subsidiaries, including partnerships.&#160; The Corporation&#146;s results of operations and
ability to service indebtedness are dependent upon the results of operations of
its subsidiaries and the payment of funds by these subsidiaries to it in the
form of loans, dividends or otherwise.&#160;
The Corporation&#146;s subsidiaries will not have an obligation to pay
amounts due pursuant to any debt securities issued by the Corporation or make
any funds available for payment of debt securities issued by the Corporation,
whether by dividends, interests, loans, advances or other payments.&#160; In addition, the payment of dividends and the
making of loans, advances and other payments to the Corporation by its
subsidiaries may be subject to statutory or contractual restrictions.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of the liquidation of any subsidiary, the assets of the
subsidiary would be used first to repay the indebtedness of the subsidiary,
including trade payables or obligations under any guarantees, prior to being
used to pay the Corporation&#146;s indebtedness, including any debt securities
issued by the Corporation.&#160; Such
indebtedness and any other future indebtedness of such subsidiaries would be
structurally senior to any debt securities issued by the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s subsidiaries have financed some investments using non
recourse project financing.&#160; Each non
recourse project loan is structured to be repaid out of cash flow provided by
the investment.&#160; In the event of a
default under a financing agreement which is not cured, the lenders would
generally have rights to the related assets.&#160;
In the event of foreclosure after a default, the Corporation&#146;s
subsidiary may lose its equity in the asset or may not be entitled to any cash
that the asset may generate.&#160; Although a
default under a project loan will not cause a default with respect to any debt
securities issued by the Corporation, it may materially affect the Corporation&#146;s
ability to service its outstanding indebtedness.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain of the contracts to which the
Corporation is a party require the Corporation to provide collateral against
its obligations.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation is exposed to risk under certain electricity and
natural gas purchase and sale contracts entered into for the purposes of hedges
and proprietary trading.&#160; The terms and
conditions of these contracts require the Corporation to provide collateral
when the fair value of these contracts is in excess of any credit limits
granted by the Corporation&#146;s counterparties and the contract obliges the
Corporation to provide the collateral.&#160;
The change in fair value of these contracts occurs due to changes in
commodity prices.&#160; These contracts
include: (i)&nbsp;purchase agreements, when forward commodity prices are less
than contracted prices; and (ii)&nbsp;sales agreements, when forward commodity
prices exceed contracted prices.&#160;
Downgrades in the Corporation&#146;s creditworthiness by certain credit
rating agencies may decrease the credit limits granted by the Corporation&#146;s counterparties
and accordingly increase the amount of collateral the Corporation may have to
provide, which could have a material adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If counterparties to the Corporation&#146;s
contracts are unable to meet their obligations, the Corporation may be
materially adversely affected.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If purchasers of the Corporation&#146;s electricity, steam or other
contractual counterparties of the Corporation default on their obligations, the
Corporation may be materially adversely affected.&#160; While the Corporation seeks to control its
exposure to credit risk by considering the ability of counterparties to fulfill
their obligations under the related contracts prior to entering into such
contracts, the Corporation cannot guarantee that it will be successful in
identifying credit worthy customers.&#160;
Moreover, while the Corporation seeks to monitor trading activities to
ensure that the credit limits for counterparties are not exceeded, it cannot
guarantee that it will be successful in doing so.&#160; If counterparties to the Corporation&#146;s
contracts are unable to meet their obligations, the Corporation could suffer a
reduction in revenue which could have a material adverse effect on the
Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insurance coverage may not be sufficient.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation has insurance for its facilities, including all risk
property insurance, commercial general liability insurance, boiler and
machinery coverage, replacement power and business interruption insurance, in
amounts and with deductibles that the Corporation considers appropriate.&#160; The Corporation&#146;s insurance coverage may not
be available in </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 33 - <a name="PB_33_101918_5796"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the future on commercially reasonable terms or adequate insurance
limits may not be available in the market.&#160;
In addition, the insurance proceeds received for any loss or damage to
any of its generation facilities may not be sufficient to permit it to continue
to make payments on its debt.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provision for income taxes may not be
sufficient.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s operations are complex, and the computation of the
provision for income taxes involves tax interpretations, regulations, and
legislation that are continually changing.&#160;
In addition, the Corporation&#146;s tax filings are subject to audit by
taxation authorities.&#160; While the Corporation
believes that its tax filings have been made in material compliance with all
applicable tax interpretations, regulations, and legislation, the Corporation
cannot guarantee that it will not have disagreements with taxation authorities
with respect to the Corporation&#146;s tax filings that could have a material
adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation may be unsuccessful in the
defence of legal actions.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation is occasionally named as a defendant in various claims
and legal actions and as a party in commercial disputes which are resolved by
arbitration.&#160; There can be no assurance
that the Corporation will be successful in the defence of each of these claims
and legal actions or that any claim or legal action that is decided adverse to
the Corporation will not materially adversely affect the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Corporation fails to attract and
retain key personnel, it could be materially adversely affected.</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The loss of any of the Corporation&#146;s key personnel or its inability to
attract, train, retain and motivate additional qualified management and other
personnel could have a material adverse effect on the Corporation.&#160; Competition for these personnel is intense
and there can be no assurance that the Corporation will be successful in this regard.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Corporation is unable to successfully negotiate new collective
bargaining agreements with its unionized workforce, as required from time to
time, it will be adversely affected.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Corporation believes it has a satisfactory relationship with
its unionized employees, the Corporation cannot guarantee that it will be able
to successfully negotiate or renegotiate its collective bargaining agreements
on terms agreeable to the Corporation.&#160;
The Corporation expects to re-negotiate six collective bargaining
agreements, involving 404 of its employees, in 2010 and an additional three
collective bargaining agreements, involving 540 of its employees, in 2011.&#160; Any problems in negotiating these collective
bargaining agreements could lead to higher employee costs and a work stoppage&nbsp;or
strike, which could have a material adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks relating to TransAlta&#146;s development
projects and acquisitions may materially adversely affect the Corporation</font></i></b></p>

<p style="font-style:italic;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta continues to focus on expanding its business through
development projects and acquisitions.&#160;
The development and construction of the Corporation&#146;s projects are
subject to execution and capital cost risks, including, but not limited to,
risks relating to regulatory approvals, third party opposition, cost
escalations, construction delays, shortages of raw materials or skilled labour
and capital constraints.&#160; Such risks may
have a material adverse impact on TransAlta&#146;s business, financial condition,
results of operations and cash flows.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expansion of TransAlta&#146;s business through development projects and
acquisitions may place increased demands on our management, operating systems,
internal controls and financial and physical resources.&#160; In addition, the process of integrating acquired
businesses or development projects may involve unforeseen difficulties.&#160; Failure to successfully manage or integrate
any acquired businesses or development projects could have a material adverse
impact on TransAlta&#146;s business, financial condition, results of operations and
cash flows.&#160; Further, TransAlta cannot
make assurances that it will be successful in integrating any acquisition or
that the commercial opportunities or operational synergies of any acquisition
will be realized as expected.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to acquisitions, TransAlta cannot make assurances that it
will identify suitable transactions or that it will have access to sufficient
resources, through its credit facilities, the capital markets or otherwise, to
pursue and complete any identified acquisition opportunities on a timely basis
and at a reasonable cost.&#160; Any
acquisition the Corporation </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 34 - <a name="PB_34_101935_2897"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">proposes or completes would be subject to normal commercial risks that
the transaction may not be completed on the terms negotiated, on time, or at
all.&#160; An unavoidable level of risk
remains regarding potential undisclosed or unknown liabilities relating to any
acquisition, including the acquisition of Canadian Hydro.&#160; The existence of such undisclosed liabilities
may have a material adverse impact on the Corporation&#146;s business, financial
condition, results of operations and cash flows.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYEES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2009, the Corporation had 2,228 full and part
time employees, of which 1,295 were employed in TransAlta&#146;s generation business
and 59 were employed in TransAlta&#146;s energy marketing business.&#160; Approximately 46 per cent of the Corporation&#146;s
employees are represented by labour unions.&#160;
The Corporation is currently a party to 11 different collective
bargaining agreements.&#160; Overall in 2009,
the Corporation renewed five of the agreements; an additional six agreements
are expected to be re-negotiated in 2010.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAPITAL
STRUCTURE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation&#146;s authorized share capital consists of an unlimited
number of common shares and an unlimited number of first preferred shares,
issuable in series.&#160; As at February&nbsp;22,
2010, there were 218,597,610 common shares outstanding and no first preferred
shares were outstanding.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each common share of the Corporation entitles the holder thereof to one
vote for each common share held at all meetings of shareholders of the
Corporation, except meetings at which only holders of another specified class
or series of shares are entitled to vote, to receive dividends if, as and when
declared by the Board of Directors, subject to prior satisfaction of
preferential dividends applicable to any first preferred shares, and to
participate rateably in any distribution of the assets of the Corporation upon
a liquidation, dissolution or winding up and subject to prior rights and
privileges attaching to first preferred shares.&#160;
The common shares are not convertible and are not entitled to any pre-emptive
rights.&#160; The common shares are not
entitled to cumulative voting.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Preferred Shares</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation is authorized to issue an unlimited number of first
preferred shares, issuable in series and, with respect to each series, the
Board is authorized to fix the number of shares comprising the series and
determine the designation, rights, privileges, restrictions and conditions
attaching to such shares, subject to certain limitations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The first preferred shares of all series rank senior to all other
shares of the Corporation with respect to priority in payment of dividends and
with respect to distribution of assets in the event of liquidation, dissolution
or winding up of the Corporation, or a reduction of stated capital.&#160; Holders of first preferred shares are
entitled to receive cumulative quarterly dividends on the subscription price
thereof as and when declared by the Board at the rate established by the Board
at the time of issue of shares of a series.&#160;
No dividends may be declared or paid on any other shares of the Corporation
unless all cumulative dividends accrued upon all outstanding first preferred
shares have been paid or declared and set apart.&#160; In the event of the liquidation, dissolution
or winding up of the Corporation, or a reduction of stated capital, no sum
shall be paid or assets distributed to holders of other shares of the
Corporation until the holders of first preferred shares shall have been paid
the subscription price of the shares, plus a sum equal to the premium payable
on a redemption, plus a sum equal to the arrears of dividends accumulated on
the first preferred shares to the date of such liquidation, dissolution,
winding up, or reduction of stated capital, as applicable.&#160; After payment of such amount, the holders of
first preferred shares shall not be entitled to share further in the distribution
of the assets of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board may include, in the share conditions attaching to a
particular series of first preferred shares, certain voting rights effective
upon the Corporation failing to make payment of six quarterly dividend payments,
whether or not consecutive.&#160; These voting
rights continue for so long as any dividends remain in arrears.&#160; These voting rights are the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 35 - <a name="PB_35_101952_3020"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">right to one vote for each $25 of subscription price on all matters in
respect of which shareholders vote, and additionally, the right of all series
of first preferred shares, voting as a combined class, to elect two directors
of the Corporation if the Board then consists of less than 16 directors, or
three directors if the Board consists of 16 or more directors.&#160; Otherwise, except as required by law, the
holders of first preferred shares shall not be entitled to vote or to receive
notice of or attend any meeting of the shareholders of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the share conditions attaching to any particular series
providing to the contrary, the Corporation may redeem first preferred shares of
a series, in whole or from time to time in part, at the redemption price
applicable to each series and the Corporation has the right to acquire any of
the first preferred shares of one or more series by purchase for cancellation
in the open market or by invitation for tenders at a price not to exceed the
redemption price applicable to the series.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CREDIT
RATINGS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuer Rating</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2009, the Corporation&#146;s corporate credit rating
from S&amp;P was BBB (stable), its senior unsecured debt rating from Moody&#146;s
was Baa2 (stable), and its issuer rating from DBRS was BBB (stable).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Unsecured Long Term Debt</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December&nbsp;31, 2009, the Corporation&#146;s senior unsecured long
term debt is rated BBB (stable) by DBRS, BBB (stable) by S&amp;P and Baa2
(stable) by Moody&#146;s.&#160; The ratings for
debt instruments range from a high of AAA to a low of D in the case of both
DBRS and S&amp;P and from a high of Aaa to a low of C in the case of Moody&#146;s.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the DBRS rating system, debt securities rated BBB are of
adequate credit quality.&#160; Protection of
interest and principal is considered acceptable, but the entity is more
susceptible to adverse changes in financial and economic conditions, or there
may be other adverse conditions present which reduce the strength of the entity
and its rated securities.&#160; &#147;High&#148; or &#147;Low&#148;
grades indicate the relative standing within a rating category.&#160; DBRS also assigns rating trends to each of
its ratings to give investors an understanding of DBRS&#146; opinion regarding the
outlook for the rating in question.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the S&amp;P rating system, debt securities rated BBB
exhibit adequate protection parameters.&#160;
However, adverse economic conditions or changing circumstances are more
likely to lead to a weakened capacity of the obligor to meet its financial
commitment on such obligations than on obligations in the higher rating
categories.&#160; The ratings from AA to B may
be modified by the addition of a plus (+) or minus (&#150;) sign to show relative
standing within the major rating categories.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the Moody&#146;s rating system, debt securities rated Baa are
subject to moderate credit risk.&#160; They
are considered medium grade and as such may possess certain speculative
characteristics.&#160; Numerical modifiers 1,
2 and 3 are applied to each rating category, with 1 indicating that the
obligation ranks in the higher end of the category, 2 indicating a mid range
ranking and 3 indicating a ranking in the lower end of the category.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note Regarding Credit Ratings</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit ratings are intended to provide investors with an independent
measure of credit quality of an issue of securities.&#160; The credit ratings accorded to the Corporation&#146;s
outstanding securities by S&amp;P, Moody&#146;s and DBRS, as applicable, are not
recommendations to purchase, hold or sell such securities inasmuch as such
ratings do not comment as to market price or suitability for a particular
investor.&#160; There is no assurance that the
ratings will remain in effect for any given period or that a rating will not be
revised or withdrawn entirely by S&amp;P, Moody&#146;s or DBRS in the future if, in
its judgement, circumstances so warrant.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 36 - <a name="PB_36_102013_7748"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIVIDENDS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In setting dividends, the Board considers the Corporation&#146;s financial
performance and balances liquidity requirements, capital reinvestment and
returning capital to shareholders, with a policy of paying annual dividends to
its shareholders in the range of 60 to 70 per cent of comparable earnings.&#160; The payment and level of future dividends on
the common shares are determined by the Board upon consideration of such
factors.&#160; TransAlta has declared and paid
the following dividends per share on its outstanding common shares for the past
three years:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="70%" style="border-collapse:collapse;margin-left:1.0in;width:70.0%;">
 <tr>
  <td width="25%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Period</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Dividend
  per Common<br>
  Share</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">First
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.25</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Second
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.25</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Third
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.25</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fourth
  </font><font size="1" style="font-size:9.0pt;">Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.25</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">First
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.27</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Second
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.27</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Third
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.27</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fourth
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.27</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">First
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.29</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Second
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.29</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Third
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.29</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p align="left" style="margin:0in 0in .0001pt .1in;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Fourth
  Quarter</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$0.29</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;29, 2010, the Corporation&#146;s Board of Directors declared
a cash dividend of $0.29 per common share, payable on April&nbsp;1,&nbsp;2010
to shareholders of record on March&nbsp;1, 2010.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MARKET
FOR SECURITIES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta&#146;s common shares are listed on the TSX under the symbol &#147;TA&#148;
and the New York Stock Exchange under the symbol &#147;TAC&#148;.&#160; The following table sets forth the reported
high and low trading prices and trading volumes of the Corporation&#146;s common
shares as reported by the TSX for the periods indicated:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Price
  ($)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">M</font></b><b><font size="1" style="font-size:9.0pt;font-weight:bold;">onth</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">High</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Low</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Volume</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2009</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">January</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">26.60</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21.13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10,881,392</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">February</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22.96</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18.50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">16,191,905</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">March</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21.05</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17.96</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">23,251,069</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">April</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21.29</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18.14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18,614,529</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">May</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21.57</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">19.81</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17,675,250</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">June</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">23.93</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">19.80</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">23,782,366</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">July</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22.40</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20.56</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">13,891,386</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">August</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22.91</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20.86</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17,313,964</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">September</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22.22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20.61</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">13,392,244</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">October</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22.05</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20.10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">12,836,564</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">November</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22.23</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20.04</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">19,249,898</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">December</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">23.65</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21.51</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">15,714,132</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><u><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">2010</font></u></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">January</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">23.98</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">22.06</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">12,926,828</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">February&nbsp;1
  to 22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">24.00</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">21.62</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7,670,115</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PRIOR
SALES</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the 12 months prior to the date hereof, the following securities of
the Corporation have been issued:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 37 - <a name="PB_37_102530_141"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 37 - ',FILE='C:\JMS\105570\10-4104-1\task3950829\4104-1-kk-09.htm',USER='105570',CD='Feb 24 08:53 2010' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Shares</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table summarizes the issuances of Common Shares within
the twelve month period prior to the date of this short form prospectus.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Date(s)&nbsp;of
  Issuance</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Number
  of Common Shares<br>
  or Securities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Issue
  Price per Security</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Description
  of Transaction</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:33.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:20.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.12%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">November&nbsp;5,
  2009</font><font size="1" style="font-size:6.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20,522,000
  Common Shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.44%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$20.10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Public
  Offering</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Note:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Common Shares were issued pursuant
to the Corporation&#146;s public offering of Common Shares pursuant to a prospectus
supplement dated October&nbsp;29, 2009. See &#147;General Development of the
Business &#151;Year Ended December&nbsp;31, 2009&#148;.</p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIRECTORS
AND OFFICERS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name, province or state and country of residence of each of the
directors and officers of TransAlta as at February&nbsp;21,&nbsp;2010, their
respective position and office and their respective principal occupation during
the five preceding years, are set out below.&#160;
The year in which each director was appointed to serve to the Board is
also set out below.&#160; Each director is
appointed to serve until the next annual meeting of TransAlta or until his or
her successor is elected or appointed.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name, Province (State) and<br>
  Country of Residence</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year first became<br>
  Director</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Occupation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">William D. Anderson</font></b><font size="2" style="font-size:10.0pt;"><br>
  Ontario, Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate
  Director.</font></i></b><font size="2" style="font-size:10.0pt;"> Mr.&nbsp;Anderson was President of BCE Ventures (a
  subsidiary of BCE Inc.) from 2001 to 2005 (telecommunications) and prior to
  that, Chief Financial Officer (&#147;<b>CFO</b>&#148;) of BCE
  Inc., Bell Canada Inc. and Bell Cablemedia plc (telecommunications). As
  President of BCE Ventures, he was responsible for a number of significant
  operating companies as well as being Chief Executive Officer (&#147;<b>CEO</b>&#148;) of Bell Canada International Inc. In his CFO roles,
  Mr.&nbsp;Anderson was responsible for all financial operations of the
  respective companies and executed numerous debt and equity financings,
  corporate acquisition and disposition transactions as well as corporate and
  operational restructurings.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Anderson
  is a director of Gildan Activewear Inc. and Chair of the Board of MDS Inc. He
  is a past director at BCE Emergis Inc., Bell Cablemedia plc, Bell Canada
  International Inc., CGI Group Inc., Four Seasons Hotels Inc., Sears Canada
  Inc. and Videotron Holdings plc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Mr.&nbsp;Anderson is Chair of the Audit and Risk Committee of the
  Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Anderson
  holds a bachelor in business administration from the University of Western
  Ontario (London, ON) and is a Chartered Accountant.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 38 -<a name="PB_38_103255_7608"></a></font></p>

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 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name, Province (State) and<br>
  Country of Residence</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year first became<br>
  Director</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Occupation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stephen L. Baum</font></b><font size="2" style="font-size:10.0pt;"><br>
  New Hampshire, U.S.A.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate
  Director.</font></i></b><font size="2" style="font-size:10.0pt;"> Mr.&nbsp;Baum was Chairman and CEO of Sempra Energy
  from December&nbsp;1996 to February&nbsp;2006, a San Diego-based Fortune 500
  energy services holding company formerly known as Enova Corporation. Previous
  to that, Mr.&nbsp;Baum was President, CEO and Vice-Chairman of Sempra Energy.
  Prior to that he was Chairman, CEO and a member of the board of directors of
  Enova Corporation, the parent company of San Diego Gas&nbsp;&amp; Electric (<b>&#147;SDG&amp;E&#148;</b>) where he served in various officer positions
  including General Counsel. Before joining SDG&amp;E, he was Senior Vice-President
  and General Counsel of the New York Power Authority. He has also held various
  legal positions, including General Attorney at Orange&nbsp;&amp; Rockland
  Utilities, and as an associate with the law firm of Curtis, Mallet-Prevost,
  Colt&nbsp;&amp; Mosle in New York City.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Baum
  is a member of the board of directors of Computer Sciences Corporation and is
  a member of its Audit Committee and Governance Committee.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Mr.&nbsp;Baum is a member of the Audit and Risk Committee and
  Human Resources Committee of the Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Baum
  is a graduate of Harvard University and the University of Virginia Law
  School. He has also served as a Captain in the U.S. Marine Corps.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stanley J. Bright</font></b><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(2)&nbsp;</font><font size="2" style="font-size:10.0pt;"><br>
  Maryland, U.S.A.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1999</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate
  Director.</font></i></b><font size="2" style="font-size:10.0pt;"> Mr.&nbsp;Bright was Chairman, President and CEO of
  MidAmerican Energy Company (&#147;<b>MidAmerican</b>&#148;)
  from 1997 to 1999 (electric and gas utility). He was also Chairman,
  President, and CEO of predecessor companies, including the Iowa Illinois
  Gas&nbsp;&amp; Electric Company (&#147;<b>IIG&amp;E</b>&#148;)
  from 1991 to 1997. As the CEO of IIG&amp;E, Mr.&nbsp;Bright was successful
  with the consolidation of IIG&amp;E and other Iowa based utilities in
  anticipation of emerging market competition, giving rise to the creation of
  MidAmerican. As the Chairman, President and CEO of the new entity,
  Mr.&nbsp;Bright led the realization of significant merger related synergies
  while working through the post-merger transition. The company also structured
  a long-term rate plan with the Iowa Public Service Commission. He retired as
  CEO of MidAmerican in 1999 but continued as a director until 2006.</font></p>
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At TransAlta,
  Mr. Bright is a member of the Human Resources Committee of the Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Bright
  holds an undergraduate degree in accounting from The George Washington
  University (Washington, D.C.) and is a Certified Public Accountant.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 39 -<a name="PB_39_103317_8146"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name, Province (State) and<br>
  Country of Residence</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year first became<br>
  Director</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Occupation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Timothy W. Faithfull</font></b><font size="2" style="font-size:10.0pt;"><br>
  England, U.K.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2003</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate
  Director.</font></i></b><font size="2" style="font-size:10.0pt;"> Mr.&nbsp;Faithfull is a 36-year veteran of Royal
  Dutch/Shell plc (energy), where he held diverse international roles
  principally in oil products and LNG project development. As President and CEO
  of Shell Canada Limited, he was responsible for bringing the $6 billion
  Athabasca Oil Sands Project on line, the first fully integrated oil sands
  venture in 25 years. Mr.&nbsp;Faithfull has extensive experience with
  commodity exposure and risk management, the result of his time directing the
  global crude oil trading operations of Shell International Trading and
  Shipping Company from 1993 to 1996. He was Chairman and CEO of Shell Eastern
  Petroleum in Singapore from 1996 to 1999, including Shell&#146;s main refinery and
  oil products trading for Asia Pacific.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During his
  time in Singapore he was a director of DBS Bank, and the Port of Singapore
  Authority. He was a trustee of the main Singapore Arts/Theatre complex. In
  Calgary, he served on the board of the Calgary Health Trust and the Epcor
  Arts Centre.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Faithfull
  is a director of Canadian Pacific Railway Limited, Shell Pension Trust
  Limited and AMEC plc. He is a past director of Enerflex Systems Income Fund.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Mr.&nbsp;Faithfull is Chair of the Human Resources Committee of
  the Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Faithfull
  holds a master of arts in philosophy, politics and economics from the
  University of Oxford, U.K.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ambassador Gordon D. Giffin</font></b><font size="2" style="font-size:10.0pt;"><br>
  Georgia, U.S.A.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2002</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Lawyer
  and Senior Partner, McKenna, Long&nbsp;&amp; Aldridge LLP</font></i></b><i><font size="2" style="font-size:10.0pt;font-style:italic;"> (law
  firm).</font></i><font size="2" style="font-size:10.0pt;">
  From 1997 to 2001, Mr.&nbsp;Giffin served as the United States Ambassador to
  Canada with responsibility for managing Canada/U.S. bilateral relations,
  including energy and environmental policy. Prior to this appointment, he
  practised law for 18 years as a senior partner in Atlanta, Georgia and
  Washington, D.C. His practice focused on energy regulatory work at the state
  and federal levels. Prior to that, he served as Chief Counsel and Legislative
  Director to United States Senator Sam Nunn, with responsibility for the legal
  and legislative operations of the office. In 2001, Mr.&nbsp;Giffin returned
  to private practice where he specialized in state and federal regulatory
  matters, including those related to trade, energy and trans-border commerce.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Giffin
  is a director of Canadian Imperial Bank of Commerce, Canadian National
  Railway Company, Canadian Natural Resources Limited, and Just Energy Income
  Fund.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Mr.&nbsp;Giffin is Chair of the Governance and Environment
  Committee of the Board.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 40 -<a name="PB_40_103332_7091"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name, Province (State) and<br>
  Country of Residence</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year first became<br>
  Director</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Occupation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Giffin
  holds a bachelor of arts from Duke University (Durham, NC) and a juris
  doctorate from Emory University School of Law (Atlanta, GA).</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">C. Kent Jespersen</font></b><font size="2" style="font-size:10.0pt;"><br>
  Alberta, Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate
  Director. </font></i></b><font size="2" style="font-size:10.0pt;">Mr.&nbsp;Jespersen has been Chair and CEO of La
  Jolla Resources International Ltd. since 1998 (advisory and investments). He
  has also held senior executive positions with NOVA Corporation of Alberta,
  Foothills Pipe Lines Ltd., and Husky Oil Limited before assuming the
  presidency of Foothills Pipe Lines Ltd. and later, NOVA Gas International
  Ltd. (&#147;<b>NOVA</b>&#148;). At NOVA, he led the
  non-regulated energy services business (including energy trading and
  marketing) and all international activities.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Jespersen
  is Chairman and a director of Orvana Minerals Ltd., CCR Technologies Ltd. and
  Orion Oil&nbsp;&amp; Gas Ltd. and a director of Matrikon Inc., Axia NetMedia
  Corporation and CanElson Drilling Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Mr.&nbsp;Jespersen is a member of the Governance and Environment
  Committee of the Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Jespersen
  holds a bachelor of science in education and a master of science in education
  from the University of Oregon (Eugene, OR).</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Michael M. Kanovsky</font></b><font size="2" style="font-size:10.0pt;"><br>
  Alberta, Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2004</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate
  Director and Independent Businessman.</font></i></b><font size="2" style="font-size:10.0pt;"> Mr.&nbsp;Kanovsky co-founded Northstar
  Energy Corporation (&#147;<b>Northstar</b>&#148;)
  with initial capital of $400,000 and helped build this entity into an oil and
  gas producer that was sold to Devon Energy Corporation for approximately
  $600&nbsp;million in 1998. During this period, Mr.&nbsp;Kanovsky was
  responsible for strategy and finance as well as merger and acquisition
  activity. He initiated Northstar&#146;s entry into electrical cogeneration through
  its wholly-owned power subsidiary, Powerlink Corporation (&#147;<b>Powerlink</b>&#148;). Powerlink developed one of the first
  independent power producer (IPP) gas-fired co-generation plants in Ontario
  and also internationally. In 1997, he founded Bonavista Energy Trust, which
  has grown to a present day market capitalization of approximately $3.4
  billion.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Kanovsky
  is a director of Argosy Energy Corporation, ARC Energy Trust, Bonavista
  Energy Trust, Devon Energy Corporation, and Pure Technologies Ltd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Mr.&nbsp;Kanovsky is a member of the Audit and Risk Committee of
  the Board.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 41 -<a name="PB_41_103354_455"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 41 -',FILE='C:\JMS\105627\10-4104-1\task3951145\4104-1-kk-11.htm',USER='105627',CD='Feb 24 11:24 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name, Province (State) and<br>
  Country of Residence</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year first became<br>
  Director</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Occupation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Kanovsky,
  a Professional Engineer, holds a bachelor of science in mechanical
  engineering from Queen&#146;s University (Kingston, ON) as well as a master of
  business administration from the Richard Ivey School of Business at the
  University of Western Ontario (London, ON).</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Donna Soble Kaufman</font></b></p>
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ontario,
  Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1989</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Lawyer
  and Corporate Director.</font></i></b><font size="2" style="font-size:10.0pt;"> Mrs.&nbsp;Kaufman is a former partner with Stikeman
  Elliott LLP, an international law firm, where she practised antitrust law
  (law firm). She has served on a number of boards since 1987, when she became
  a director of Selkirk Communications Limited, a diversified communications
  company. A year later she was appointed Chair of the Board, President and
  CEO. She has also served on the boards of Southam Inc., Provigo Inc., Bell
  Canada International Inc., Bell Globemedia Inc., the Public Sector Pension
  Investment Board, the Hudson&#146;s Bay Company and UPM-Kymmene Corporation. She
  also currently serves on the boards of BCE Inc. and Bell Canada. She is also
  a director of The Historica-Dominion Institute, a private-sector education
  initiative to promote knowledge of Canadian history and heritage, the
  Institute of Corporate Directors, and a member of the Canadian Advisory Board
  of Catalyst, a non-profit organization working to advance women in business.
  In 2001, she was named a Fellow of the Institute of Corporate Directors and
  in 2009 she was appointed a member of the Prime Minister&#146;s Advisory Committee
  on the Public Service of Canada.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Mrs.&nbsp;Kaufman is Chair of the Board and an ex officio member
  of all committees of the Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mrs.&nbsp;Kaufman
  holds a bachelor of civil law from McGill University (Montr&#233;al, QC) and a
  master of laws from the Universit&#233; de Montr&#233;al (Montr&#233;al, QC).</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Gordon S. Lackenbauer</font></b><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">(3)</font><font size="2" style="font-size:10.0pt;"><br>
  Alberta, Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2005</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate
  Director.</font></i></b><font size="2" style="font-size:10.0pt;"> Mr.&nbsp;Lackenbauer was Deputy Chairman of BMO
  Nesbitt Burns Inc. (investment banking) from 1990 to 2004. Prior to this, he
  was responsible for the principal activities of the firm, which included
  fixed income sales and trading, new issue underwriting, syndication and
  merger and acquisition advisory mandates. Mr.&nbsp;Lackenbauer has worked
  with many of Canada&#146;s leading utilities and has frequently acted as an expert
  financial witness testifying on the cost of capital, appropriate capital
  structure, and the fair rate of return, principally before the Alberta
  Utilities Commission, the National Energy Board, and the Ontario Energy
  Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Lackenbauer
  is a director of NAL Oil&nbsp;&amp; Gas Trust and Chair of its Audit
  Committee and a member of both the Corporate Governance and Reserves
  Committees. He is also a director of CTV Globemedia Inc.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 42 -<a name="PB_42_103412_4141"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='- 42 -',FILE='C:\JMS\105627\10-4104-1\task3951145\4104-1-kk-11.htm',USER='105627',CD='Feb 24 11:24 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name, Province (State) and<br>
  Country of Residence</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year first became<br>
  Director</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Occupation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Mr.&nbsp;Lackenbauer is a member of the Governance and Environment
  Committee and the Audit and Risk Committee of the Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Lackenbauer
  holds a bachelor of arts in economics from Loyola College (Montr&#233;al, QC), as
  well as a master of business administration from the University of Western
  Ontario (London, ON). He is also a chartered financial analyst.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dr. Martha C. Piper</font></b><font size="2" style="font-size:10.0pt;"><br>
  British Columbia, Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2006</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Corporate
  Director.</font></i></b><font size="2" style="font-size:10.0pt;"> Dr.&nbsp;Piper was President and Vice-Chancellor of
  the University of British Columbia (&#147;<b>UBC</b>&#148;) from
  1997 to 2006 (education). Prior to her appointment at UBC, she served as
  Vice-President, Research at the University of Alberta. She served on the
  boards of the Alberta Research Council, the Conference Board of Canada and
  the Centre of Frontier Engineering Research. Dr.&nbsp;Piper was also
  appointed by the Prime Minister of Canada to the Advisory Council on Science
  and Technology and served as Chair of the Board of the National Institute for
  Nanotechnology.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dr.&nbsp;Piper
  is a director of the Bank of Montreal, Shoppers Drug Mart Corporation and a
  member of the Canadian delegation to the Trilateral Commission, an
  organization fostering closer cooperation among the core democratic
  industrialized areas of the world.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
  TransAlta, Dr.&nbsp;Piper is a member of the Human Resources Committee and
  the Governance and Environment Committee of the Board.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dr.&nbsp;Piper
  holds a bachelor of science in physical therapy from the University of
  Michigan (Ann Arbor, MI), a master of arts in child development from the
  University of Connecticut (Storrs, CT), and a doctorate of philosophy in
  epidemiology and biostatistics from McGill University (Montr&#233;al, QC). She has
  also received honorary degrees from 18 international universities.
  Dr.&nbsp;Piper is an Officer of the Order of Canada and a recipient of the
  Order of British Columbia.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 43 -<a name="PB_43_103454_8627"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name, Province (State) and<br>
  Country of Residence</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year first became<br>
  Director</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Principal Occupation</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stephen G. Snyder</font></b><font size="2" style="font-size:10.0pt;"><br>
  Alberta, Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1996</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">President
  and Chief Executive Officer of TransAlta Corporation since 1996.</font></i></b><font size="2" style="font-size:10.0pt;"> Previously Mr.&nbsp;Snyder
  was President&nbsp;&amp; CEO, Noma Industries Ltd., President&nbsp;&amp; CEO,
  GE Canada Inc., and President&nbsp;&amp; CEO, Camco,&nbsp;Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Snyder
  is a director of Intact Financial Corporation and director of the Calgary
  Stampede Foundation Campaign. He is an immediate past Director of the
  Canadian Imperial Bank of Commerce, past Chair of the Calgary Stampede
  Foundation, and past Chair of the Alberta Secretariat for Action on
  Homelessness. Mr.&nbsp;Snyder is the past Chair of the Calgary Committee to
  End Homelessness, the Canada-Alberta ecoEnergy Carbon Capture&nbsp;&amp;
  Storage Task Force, the Conference Board of Canada, the Calgary Zoological
  Society, the Canadian Electrical Association, the United Way Campaign of
  Calgary and Area, and the Calgary Zoo&#146;s &#147;Destination Africa&#148; capital
  campaign.</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Snyder
  holds a bachelor of science in chemical engineering from Queen&#146;s University
  (Kingston, ON) as well as a master of business administration from the
  University of Western Ontario (London, ON).</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.06%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">He has
  honourary degrees from the University of Calgary (LLD), and the Southern
  Alberta Institute of Technology (Bachelor of Applied Technology). He was
  awarded the Alberta Centennial Medal in 2005, and the Conference Board
  Honorary Associate Award for 2008 and in 2009 the Chamber of Commerce
  Sherrold Moore Award of Excellence.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Notes:</font></b></p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>The following nominee directors are
Canadian residents:&#160; William D. Anderson,
C. Kent Jespersen, Michael M. Kanovsky, Donna Soble Kaufman, Gordon S.
Lackenbauer, Martha C. Piper and Stephen G. Snyder.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Mr.&nbsp;Bright served as a
director of Access Air Inc. (&#147;<b>Access Ai</b>r&#148;)
for the period of December&nbsp;4, 1997 to January&nbsp;31, 2000, a privately
held start up airline company.&#160; The
company Mr.&nbsp;Bright was employed by, and whom he represented on the Access
Air board, supported Access Air in the hope that it would improve air service
to the state of Iowa.&#160; Access Air filed
for bankruptcy protection on November&nbsp;29, 1999.</p>

<p style="font-size:8.0pt;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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>Mr.&nbsp;Lackenbauer resigned from
the Board of Directors of Tembec Inc. (&#147;<b>Tembec</b>&#148;) on August&nbsp;2,
2007.&#160; On December&nbsp;19, 2007, Tembec
announced its proposed recapitalization transaction providing a consensual
solution to both noteholders and shareholders.&#160;
On February&nbsp;22, 2008, Tembec announced that it had received the
approval of the majority of shareholders and the requisite majority of
noteholders of Tembec Industries Inc.&#160; On
February&nbsp;27, 2008, Tembec announced that it had received approval from the
Ontario Superior Court of Justice (Commercial List) with respect to their plan
of arrangement relating to the proposed recapitalization transaction.&#160; On October&nbsp;31, 2008, Tembec announced
that it had successfully obtained a final American court order recognizing its
Canadian plan of arrangement as a foreign proceeding in the United States.</p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officers</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal
  Occupation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Residence</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Stephen
  G. Snyder</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">President
  and Chief Executive Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Dawn
  L. Farrell</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Chief
  Operating Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Brian
  Burden</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Chief
  Financial </font><font size="1" style="font-size:8.0pt;">Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Kenneth
  S. Stickland</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Chief
  Legal Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Michael
  Williams</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Chief
  Administration Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">William
  D. A. Bridge</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Chief
  Technology Officer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">W.
  Frank Hawkins</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Vice-President
  and Treasurer</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Hume
  D. Kyle</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Vice-President,
  Finance and Controller</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="top" style="padding:0in 0in 0in 0in;width:28.58%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Maryse
  C. St.-Laurent</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Vice-President
  and Corporate Secretary</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.98%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Alberta,
  Canada</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 44 -<a name="PB_44_103658_7906"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the officers of TransAlta have held their present principal
occupation or position for the past five years, except for the following:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Prior to April&nbsp;2009, Dawn
Farrell was Executive Vice-President, Commercial Operations and Development of
the Corporation. Prior to July 2007, she was Executive Vice-President
Engineering, Aboriginal Relations and Generation at BC Hydro and prior to June
2006 she was Executive Vice-President Generation.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Prior to April 2009, Brian
Burden was Executive Vice-President and Chief Financial Officer of the Corporation.
Prior to December&nbsp;2005, he was Executive Vice-</font><font size="2" style="font-size:10.0pt;">President</font><font size="2" style="font-size:10.0pt;"> and Chief Financial Officer
of Molson Inc.&#160; Prior to 2002, he was
Senior Vice-President, Seagram Corporate/Venture Transition of Diageo PLC.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Prior to April 2009, Kenneth
Stickland &#160;was Executive Vice-President,
Legal, SD and EH&amp;S of the Corporation. Prior to April, 2007, he was
Executive Vice-President, Legal.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Prior to April 2009, Michael
Williams was Executive Vice-President, Human Resources, IT and Communications
of the Corporation. Prior to July&nbsp;2007, he was Executive Vice-President,
HR&nbsp;&amp; Communications.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Prior to April 2009, William
Bridge was Executive Vice-President, Generation Technology and PMM of the
Corporation. Prior to July&nbsp;2007, he was Vice-President, Western Canada
Operations.&#160; Prior to October&nbsp;2005, Mr.&nbsp;Bridge
was Vice-President, Customer and Asset Management; prior to September&nbsp;2003,
he was Vice-President, Development&nbsp;&amp; Acquisition; and prior to September&nbsp;2001
he was Director, Commercial Operations and Development, Eastern Canada.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Prior to April 2009, Frank
Hawkins was Vice-President and Treasurer of the Corporation. Prior to June&nbsp;2007,
he was Assistant Treasurer.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Prior to February 2009, Hume
Kyle was Vice-President, Finance and Chief Financial Officer of Fort Chicago
Energy Management Ltd.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Prior to April 2009, Maryse
St.-Laurent was Corporate Secretary of the Corporation. Prior to June&nbsp;2005,
she was Secretary of TC PipeLines, LP since September&nbsp;2003 and Recording
Secretary since January&nbsp;2001, and Senior Legal Counsel TransCanada
Corporation since June&nbsp;1997.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of February&nbsp;23, 2010, the directors and executive officers of
TransAlta, as a group, beneficially owned, directly or indirectly, or exercised
control or direction over an aggregate of 722,564 common shares of TransAlta.&#160; This constitutes less than one per cent of
TransAlta&#146;s outstanding common shares.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INTERESTS
OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No director or executive officer of the Corporation, no person or
company that is the direct or indirect beneficial owner of, or who exercises
control or direction over more than 10 per cent of the common shares of the
Corporation, and no associate or affiliate of any of them, has or has had any
material interest, direct or indirect, in any transaction involving the
Corporation within the three most recently completed financial years or to date
in 2010 or in any proposed transactions that has materially affected or will
materially affect the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEBTEDNESS
OF DIRECTORS, EXECUTIVE OFFICERS AND SENIOR OFFICERS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since January&nbsp;1, 2009, there has been no indebtedness outstanding
to TransAlta from any of TransAlta&#146;s directors, nominees for election as
directors, executive officers, senior officers or associates of any such
directors, nominees or officers.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 45 -<a name="PB_45_103829_3736"></a></font></p>

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<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CORPORATE
CEASE TRADE ORDERS, BANKRUPTCIES OR SANCTIONS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Cease Trade Orders</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise disclosed herein, no director, executive officer or
controlling security holder of TransAlta Corporation is, as at the date of this
Annual Information Form, or has been, within the past 10 years before the date
hereof, a director or executive officer of any other issuer that, while that
person was acting in that capacity:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">was the subject of a cease
trade or similar order or an order that denied the relevant company access to
any exemption under securities legislation for a period of more than 30
consecutive days; or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">was subject to an event that
resulted, after the person ceased to be a director or executive officer, in the
company being the subject of a cease trade or similar order or an order that
denied the relevant company access to any exemption under securities
legislation for a period of more than 30 consecutive days; or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">within a year of that person
ceasing to act in that capacity, became bankrupt, made a proposal under any
legislation relating to bankruptcy or insolvency or was subject to or
instituted any proceedings, arrangement or compromise with creditors or had a
receiver, receiver manager or trustee appointed to hold its assets.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal Bankruptcies</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No director, executive officer or controlling security holder of
TransAlta Corporation has, within the 10 years before the date hereof, become
bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency, or became subject to or instituted any proceedings, arrangement or
compromise with creditors, or had a receiver, receiver manager or trustee
appointed to hold such person&#146;s assets.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Penalties or Sanctions</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No director, executive officer or controlling security holder of
TransAlta Corporation has:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">been subject to any penalties
or sanctions imposed by a court relating to securities legislation or by a
securities regulatory authority or has entered into a settlement agreement with
a securities regulatory authority, other than penalties for late filing of
insider reports; or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">been subject to any other
penalties or sanctions imposed by a court or regulatory body that would likely
be considered important to a reasonable investor in making an investment
decision.</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONFLICTS
OF INTEREST</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Circumstances may arise where members of the Board serve as directors
or officers of corporations which are in competition to the interests of the
Corporation.&#160; No assurances can be given
that opportunities identified by such member of the Board will be provided to
the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL
PROCEEDINGS AND REGULATORY ACTIONS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta is occasionally named as a party in various claims and legal
proceedings which arise during the normal course of its business.&#160; TransAlta reviews each of these claims,
including the nature of the claim, the amount in dispute or claimed and the
availability of insurance coverage.&#160;
Although there can be no assurance that any particular claim will be
resolved in the Corporation&#146;s favour, the Corporation does not believe that the
outcome of any claims or potential claims of which it is currently aware will
have a material adverse effect on the Corporation, taken as a whole, after
taking into account amounts reserved by the Corporation.&#160; For further information, please refer to
Notes&nbsp;26 and 28 of the </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 46 -<a name="PB_46_104557_9621"></a></font></p>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporation&#146;s audited consolidated financial statements for the year
ended December&nbsp;31, 2009 which financial statements are incorporated by reference
herein.&#160; See &#147;Documents Incorporated by
Reference&#148; herein.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSFER
AGENT AND REGISTRAR</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The transfer agent and registrar for TransAlta&#146;s common shares is CIBC
Mellon Trust Company in Vancouver, Calgary, Winnipeg, Toronto and
Montr&#233;al.&#160; The transfer agent and
registrar for the common shares in the United States is Mellon Investor
Services LLC at its principal office in New York, New York.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INTERESTS
OF EXPERTS</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ernst&nbsp;&amp; Young LLP, Chartered Accountants, 1000, 440 &#150; 2</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">nd</font><font size="2" style="font-size:10.0pt;">&#160;Avenue, S.W., Calgary, Alberta, T2P&nbsp;5E9
are the auditors of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TransAlta&#146;s auditors, Ernst&nbsp;&amp; Young LLP, are independent in
accordance with the Rules&nbsp;of Professional Conduct of the Institute of
Chartered Accountants of Alberta and have complied with the SEC&#146;s rules&nbsp;on
auditor independence.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL
INFORMATION</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional information in relation to TransAlta may be found under
TransAlta&#146;s profile on SEDAR at <u>www.sedar.com.</u></font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional information including directors&#146; and officers&#146; remuneration
and indebtedness, principal holders of TransAlta&#146;s securities and securities
authorized for issuance under equity compensation plans (all where applicable),
is contained in TransAlta&#146;s Management Proxy Circular for its most recent
annual meeting of shareholders that involved the election of directors and can
be obtained upon request from the Vice-President and Corporate Secretary of
TransAlta Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional financial information is provided in TransAlta&#146;s audited
consolidated financial statements as at and for the year ended December&nbsp;31,
2009 and in the Annual MD&amp;A, each of which is incorporated by reference in
this Annual Information Form.&#160; See &#147;Documents
Incorporated by Reference&#148; herein.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AUDIT
AND RISK COMMITTEE</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The members of TransAlta&#146;s Audit and Risk Committee (&#147;<b>ARC</b>&#148;) satisfy the requirements for independence under the
provisions of Canadian Securities Regulators, Multilateral
Instrument&nbsp;52&nbsp;110 Audit Committees, Section&nbsp;303A of the New York
Stock Exchange Rules&nbsp;and Rule&nbsp;10A&nbsp;3 under the U.S. Securities
and Exchange Act of 1934.&#160; The ARC&#146;s
Charter requires that it be comprised of a minimum of three independent
directors.&#160; It currently has five
independent members, William D. Anderson (Chair), Stephen L. Baum, Michael M.
Kanovsky, Gordon S. Lackenbauer and Donna S. Kaufman as an ex officio
member.&#160; All members of the committee are
financially literate pursuant to both Canadian and U.S. securities requirements
and each of Mr.&nbsp;William D. Anderson and Mr.&nbsp;Gordon S. Lackenbauer
have been determined by the Board to be an &#147;<i>audit committee financial
expert</i>&#148;, within the meaning of Section&nbsp;407 of the United States
Sarbanes Oxley Act of 2002 (&#147;<b>Sarbanes Oxley Act</b>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mandate of the Audit and Risk Committee</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The mandate of the ARC is to assist the Board in its oversight responsibility
to the shareholders of the Corporation, the investment community and others
relating to the integrity of the Corporation&#146;s financial statements, the
quality of its financial reporting processes, the systems of internal
accounting and financial controls, the risk identification assessments
conducted by management and the programs established in response to such risks,
the internal audit function, the external auditors&#146; qualifications,
independence, performance and reports and to provide oversight with respect to
legal compliance programs established by management which may have a material
effect on the financial statements of the Corporation.&#160; The ARC also reviews the Corporation&#146;s
compliance with the Corporation&#146;s code of conduct, financial code of conduct
and the Corporation&#146;s policy with respect to the hiring of employees of the
external auditors.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 47 -<a name="PB_47_104622_8715"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The ARC&#146;s function is oversight.&#160;
Management is responsible for the preparation, presentation and
integrity of the financial statements of the Corporation.&#160; Management and the internal audit group of
the Corporation are responsible for maintaining appropriate accounting and
financial reporting principles and policy and internal controls and procedures
for compliance with accounting standards and applicable laws and regulations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the ARC has the responsibilities and powers set forth herein, it
is not the duty of the ARC to plan or conduct audits or to determine that the
Corporation&#146;s financial statements are complete and accurate and in accordance
with generally accepted accounting principles.&#160;
This is the responsibility of management and the external auditors.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management is responsible for preparing the interim and annual
financial statements and financial disclosure of the Corporation and for
maintaining a system of internal controls to provide reasonable assurance that
assets are safeguarded and that transactions are authorized, executed, recorded
and reported properly.&#160; The ARC&#146;s role is
to provide direct, meaningful and effective oversight of the Corporation&#146;s
financial reporting and counsel to management without assuming responsibility
for management&#146;s day to day duties.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit and Risk Committee Charter</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Charter of the Audit and Risk Committee is attached as Appendix&nbsp;&#147;A&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Relevant Education and Experience of Audit and Risk
Committee Members</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a brief summary of the education or experience of each
member of the ARC that is relevant to the performance of their responsibilities
as a member of the ARC, including any education or experience that has provided
the member with an understanding of the accounting principles used by TransAlta
to prepare its annual and interim financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name of ARC Member</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="75%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:75.32%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Relevant Education and Experience</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:75.32%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">W. D. Anderson</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.32%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Anderson
  is a Chartered Accountant.&nbsp;
  Mr.&nbsp;Anderson has served as CEO of a public company and as CFO of
  several public companies.&nbsp; In such
  capacities, Mr.&nbsp;Anderson actively supervised persons engaged in
  preparing, auditing, analyzing or evaluating financial statements.&nbsp; Mr.&nbsp;Anderson has also served as a
  principal financial officer and accounting officer and as a director and
  audit committee chair and member of several public companies.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.32%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stephen L. Baum</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.32%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Baum
  has over 25 years of financial, legal and industry experience gained working
  as a senior officer, director and Chairman of energy companies.&nbsp; During his tenure as CEO of Sempra Energy,
  Mr.&nbsp;Baum had financial officers reporting directly to him.&nbsp; Mr.&nbsp;Baum also serves as Chairman of
  the Audit Committee of Computer Sciences Corporation, a NYSE listed
  company.&nbsp; Mr.&nbsp;Baum holds a law
  degree from the University of Virginia.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.32%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">M. M. Kanovsky</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.32%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Kanovsky
  has over 30 years of financial and industry experience gained through working
  in the investment banking business as well as a director, officer and audit
  committee member of several public companies and trusts.&nbsp; Mr.&nbsp;Kanovsky is a graduate of the MBA
  program from the Richard Ivey School of Business at the University of Western
  Ontario.</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.32%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">G. S. Lackenbauer</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.32%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Lackenbauer
  has over 35 years of experience in the investment banking industry.&nbsp; Mr.&nbsp;Lackenbauer has also appeared as
  an expert financial witness with respect to financial markets, capital
  structure, cost of capital and fair return on common equity, in over 40
  regulatory proceedings.&nbsp;
  Mr.&nbsp;Lackenbauer also has extensive experience as a director or
  governor of public companies and not for profit organizations.&nbsp; Mr.&nbsp;Lackenbauer holds a Bachelor of
  Arts in Economics, a MBA degree from the University of Western Ontario and is
  a Chartered Financial Analyst.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 48 -<a name="PB_48_104712_563"></a></font></p>

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</div>
<!-- SEQ.=1,FOLIO='- 48 -',FILE='C:\JMS\105570\10-4104-1\task3950829\4104-1-kk-13.htm',USER='105570',CD='Feb 24 08:56 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name of ARC Member</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="75%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:75.32%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Relevant Education and Experience</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:75.32%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.54%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">D. S. Kaufman (ex officio)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" valign="top" style="padding:0in 0in 0in 0in;width:75.32%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mrs.&nbsp;Kaufman
  has over 25 years of legal, professional and financial management experience
  gained in the practice of law, as a director of several public companies and
  as Chair, President and CEO of Selkirk Communications.&nbsp; Mrs.&nbsp;Kaufman has served on several
  audit committees.&nbsp; Mrs.&nbsp;Kaufman
  holds a civil law degree from McGill University and a master of laws from the
  University of Montreal.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Board Committees</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the Audit and Risk Committee, TransAlta has two other
standing committees: the Governance and Environment Committee and the Human
Resources Committee.&#160; Mrs.&nbsp;Kaufman,
the Chair of the Board, is a non-voting ex officio member of all committees.
The members of these committees as of December&nbsp;31, 2009 are:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Governance and Environment Committee</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Human Resources Committee</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Chair:&nbsp; Ambassador Gordon D.
  Giffin</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Chair:&nbsp; Timothy W. Faithfull</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.
  Kent Jespersen</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen
  L. Baum</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gordon
  S. Lackenbauer</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stanley
  J. Bright</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dr.&nbsp;Martha
  C. Piper</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dr.&nbsp;Martha
  C. Piper</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.44%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Donna Soble Kaufman (ex officio)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Donna Soble Kaufman (ex officio)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Charters of the Governance and Environment Committee and the Human
Resources Committee may be found on TransAlta&#146;s website under Corporate
Responsibility Governance at www.transalta.com.&#160;
Further information about the Board and the Corporation&#146;s corporate
governance may also be found on our website or in the Corporation&#146;s Management
Proxy Circular which is filed on Sedar at www.sedar.com .</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees Paid to Ernst&nbsp;&amp; Young LLP</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the years ended December&nbsp;31, 2009 and December&nbsp;31, 2008,
Ernst&nbsp;&amp; Young LLP and its affiliates were paid $3,562,032 and
$3,372,142, respectively, as detailed below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ernst&nbsp;&amp;
Young LLP</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="29%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Year
  Ended Dec.&nbsp;31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.78%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2008</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:29.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.78%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="32%" colspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:32.7%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit
  Fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;2,679,080</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;2,594,183</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit
  related fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">824,631</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">432,343</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax
  fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58,321</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">345,616</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.06%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:22.04%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.6%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;3,562,032</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.72%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.84%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.62%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;3,372,142</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No other audit firms provided audit services in 2009 or 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The nature of each category of fees is described below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit
Fees</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit fees were paid for professional services rendered by the auditors
for the audit of the Corporation&#146;s annual financial statements or services
provided in connection with statutory and regulatory filings or engagements,
including the translation from English to French of the Corporation&#146;s financial
statements and other documents.&#160; Total
audit fees for 2009 include payments related to 2008 in the amount of
$1,212,080.&#160; Total audit fees for 2008
include payments related to 2007 in the amount of $1,403,923.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 49 -<a name="PB_49_105330_9497"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Audit
Related Fees</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The audit-related fees in 2009 were primarily for work performed by
Ernst&nbsp;&amp; Young LLP in relation to the implementation of International
Financial Reporting Standards, public equity and debt offerings and
miscellaneous accounting advice provided to the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax
Fees</font></i></p>

<p style="font-style:italic;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The majority of tax fees for 2009 relate to various tax related matters
in our foreign operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pre-Approval Policies and Procedures</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The ARC has considered whether the provision of services other than audit
services is compatible with maintaining the auditors&#146; independence.&#160; In May&nbsp;2002, the ARC adopted a policy
(the &#147;<b>Policy</b>&#148;) that prohibits TransAlta from
engaging the auditors for &#147;prohibited&#148; categories of non-audit services and
requires pre-approval of the ARC for other permissible categories of non-audit
services, such categories being determined under the Sarbanes-Oxley Act.&#160; The Policy also provides that the Chair of
the ARC may approve permissible non-audit services during the quarter and
report such approval to the ARC at its next regularly scheduled meeting.&#160; In addition, this year, the ARC granted
management the authority to approve <i>de minimus</i>
permissible non-audit services (which are in the aggregate the lesser of 5 per
cent of the total fees paid to the external auditors or $125,000) provided such
services are reported to the ARC at its next scheduled meeting.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">- 50 -<a name="PB_50_105457_3641"></a></font></p>

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<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">APPENDIX&nbsp;&#147;A&#148;&nbsp;&#150; AUDIT AND RISK COMMITTEE CHARTER</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Establishment of Committee and
Procedures</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Composition of Committee</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Audit and Risk Committee (the &#147;Committee&#148;) of the
Board of Directors (the &#147;Board&#148;) of TransAlta Corporation (the &#147;Corporation&#148;)
shall consist of not less than three Directors.&#160;
All members of the Committee shall be determined by the Board to be
independent as required under the provisions of Canadian Securities Regulators&#146;
Multilateral Instrument 52-110 Audit Committees, Section&nbsp;303A of the New
York Stock Exchange rules&nbsp;and Rule&nbsp;10A-3 of the U.S. Securities and
Exchange Act of 1934, as such rules&nbsp;apply to audit committee members.&#160; All members of the Committee must be
financially literate pursuant to both Canadian and U.S. securities requirements
and at least one member must be determined by the Board to be an &#147;audit
committee financial expert&#148; within the meaning of Section&nbsp;407 of the
United States Sarbanes-Oxley Act of 2002 (the &#147;Sarbanes-Oxley Act&#146;).&#160; Determinations as to whether a particular
director satisfies the requirements for membership on the Committee shall be
made by the Board of Directors (the &#147;Board&#148;) at the recommendation of the
Committee.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Appointment of Committee
Members</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members of the Committee shall be appointed from time
to time by the Board, on the recommendation of the Governance and Environment
Committee, and shall hold office until the next annual meeting of shareholders,
or until their successors are earlier appointed, or until they cease to be
Directors of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Vacancies</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where a vacancy occurs at any time in the membership
of the Committee, it may be filled by the Board.&#160; The Board shall fill any vacancy if the
membership of the Committee is less than three directors.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Committee Chair</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board shall appoint a Chair for the Committee on
the recommendation of the Governance and Environment Committee.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Absence of Committee Chair</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Chair of the Committee is not present at any
meeting of the Committee, one of the members of the Committee who is present at
the meeting shall be chosen by the Committee to preside at the meeting.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Secretary of Committee</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee shall appoint a Secretary who need not
be a director of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Meetings</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Chair of the Committee or any of its members may
call a meeting of the Committee.&#160; The
Committee shall meet at least quarterly and at such other time during each year
as it deems appropriate.&#160; In addition, the
Chair of the Committee or any of its members may call a special meeting of the
Committee at any time. Although the Corporation&#146;s Chief Executive Officer may
attend meetings of the Committee, the Committee shall also meet in separate
executive sessions.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1<a name="PB_1_105702_5250"></a></font></p>

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<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Quorum</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A majority of the members of the Committee present in
person or by telephone or other telecommunication device that permits all
persons participating in the meeting to speak to each other, shall constitute a
quorum.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Notice of Meetings</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of the time and place of every meeting shall be
given in writing (including by way of written facsimile communication or email)
to each member of the Committee at least 48 hours prior to the time fixed for
such meeting, provided, however, that a member may in any manner waive notice
of a meeting; and attendance of a member at a meeting constitutes a waiver of
notice of the meeting, except where a member attends for the express purpose of
objecting to the transaction of any business on the ground that the meeting is
not lawfully called.&#160; Notice of every
meeting shall also be provided to the external and internal auditors.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Attendance at Meetings</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the invitation of the Chair of the Committee, other
Board members, officers or employees of the Corporation, the external auditors,
and other experts or consultants may attend a meeting of the Committee.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Procedure, Records and
Reporting</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to any statute or the articles and by-laws of
the Corporation, the Committee shall fix its own procedures at meetings, keep
records of its proceedings and report to the Board generally not later than the
next scheduled meeting of the Board.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Review of Charter</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee shall evaluate its performance and
review and reassess the adequacy of its Charter at least annually or otherwise,
as it deems appropriate, and if necessary propose changes to the Governance and
Environment Committee and the Board for review and approval.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Outside Experts and Advisors</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee Chair, on behalf of the Committee, or
any of its members is authorized, at the expense of the Corporation, when
deemed necessary or desirable, to retain independent counsel, outside experts
and other advisors to advise the Committee independently on any matter.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Mandate of the Committee</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee provides assistance to the Board in fulfilling its
oversight responsibilities to shareholders, the investment community and
others, relating to the integrity of the Corporation&#146;s financial statements,
the financial reporting process, the systems of internal financial controls,
the risk identification assessment conducted by management and the programs
established by management in response to such assessment, the internal audit
function and the external auditors&#146; qualifications, independence and
performance.&#160; In so doing, it is the
Committee&#146;s responsibility to maintain an open avenue of communication between
the Committee, the external auditors, the internal auditors and the management
of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The function of the Committee is oversight.&#160; Management is responsible for the
preparation, presentation and integrity of the interim and annual financial
statements and related disclosure documents.&#160;
Management of the Corporation is also responsible for maintaining
appropriate accounting and financial reporting policies and systems of internal
controls and procedures that are in compliance with accounting standards,
applicable laws and regulations and that provide reasonable assurances that
assets are safeguarded and that transactions are authorized, executed, recorded
and reported properly.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-2<a name="PB_2_105748_7672"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While the Committee has the responsibilities and powers set forth
herein, it is not the duty of the Committee to plan or conduct audits or to
determine that the Corporation&#146;s financial statements are complete and accurate
and in accordance with generally accepted accounting principles.&#160; This is the responsibility of management and
the external auditors.&#160; The designation
of a member or members as an &#147;audit committee financial expert&#148; is based on
that individual&#146;s education and experience, which the individual will bring to
bear in carrying out his or her duties on the Committee.&#160; Designation as an &#147;audit committee financial
expert&#148; does not impose on such person any duties, obligations and liability
that are greater than the duties, obligations and liability imposed on a member
of the Committee and Board in the absence of such designation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management is also responsible for the identification and management of
the Corporation&#146;s risks and the development and implementation of policies and
procedures to mitigate such risks.&#160; The
Committee&#146;s role is to provide oversight in order to ensure that the
Corporation&#146;s assets are protected and safeguarded within reasonable business
limits.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Duties and Responsibilities of
the Committee</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee shall have the following specific duties and
responsibilities:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Audit and Financial Matters</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee shall:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">have direct responsibility for the
compensation and oversight of the external auditors including nominating the
external auditors to the Board for appointment by the shareholders at the
Corporation&#146;s general annual meeting.&#160; In
performing its function, the Committee shall:</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review the
  experience and qualifications of the external auditors&#146; senior personnel who
  are providing audit services to the Corporation and the quality control
  procedures of the external auditors, including obtaining confirmation that
  the external auditors are in compliance with Canadian and U.S. regulatory
  registration requirements;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review and
  approve annually the external auditors audit plan;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review and
  approve the basis and amount of the external auditors&#146; fees and ensure the
  Corporation has provided appropriate funding for payment of compensation to
  the external auditors;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review and
  discuss with the external auditors all relationships that the external
  auditors and their affiliates have with the Corporation and its affiliates in
  order to determine the external auditors&#146; independence, including, without
  limitation, (i)&nbsp;requesting, receiving and reviewing, at least annually,
  a formal written statement from the external auditors delineating all
  relationships that may reasonably be thought to bear on the independence of the
  external auditors with respect to the Corporation, (ii)&nbsp;discussing with
  the external auditors any disclosed relationships or services that the
  external auditors believe may affect the objectivity and independence of the
  external auditors, and (iii)&nbsp;recommending that the Board take
  appropriate action in response to the external auditors&#146; report to satisfy
  itself of the external auditors&#146; independence;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">resolve
  disagreements between management and the external auditors regarding
  financial reporting;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">subject to the delegation granted to the Chair of
  the Committee, pre-approve all audit related services including all
  non-prohibited non-audit services provided by </font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-3<a name="PB_3_105803_536"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-3',FILE='C:\JMS\105590\10-4104-1\task3950348\4104-1-kk-15.htm',USER='105590',CD='Feb 24 05:36 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the external
  auditors; the Chair of the Committee, is authorized to approve all audit
  related services including non-prohibited non-audit services provided by the
  external auditors, and shall report all such approvals to the Committee at
  its next scheduled meeting;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">inform the external
  auditors and management that the external auditors shall have direct access
  to the Committee at all times, as well as the Committee to the external
  auditors; and</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">instruct the external auditors that they are ultimately accountable
  to the Committee as representatives of the shareholders of the Corporation;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">review with management and the Corporation&#146;s
external auditors the Corporation&#146;s financial reporting in connection with the
annual audit and the preparation of the financial statements, including,
without limitation, the annual audit plan of the external auditors, the
judgment of the external auditors as to the quality, not just the
acceptability, of and the appropriateness of the Corporation&#146;s accounting
principles as applied in its financial reporting and the degree of
aggressiveness or conservatism of the Corporation&#146;s accounting principles and
underlying estimates;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">review with management and the external
auditors all financial statements and financial disclosure;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">recommend to
  the Board for approval the Corporation&#146;s audited annual financial statements
  including the notes thereto; the &#147;Management&#146;s Discussion and Analysis&#148; and
  any required reconciliation;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review any
  report or opinion to be rendered in connection therewith;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review with
  the external auditors the cooperation they received during the course of
  their review and their access to all records, data and information requested;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">discuss with
  management and the external auditors all significant transactions which are
  not a regular part of the Corporation&#146;s business;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review the
  management processes for formulating sensitive accounting estimates and the
  reasonableness of the estimates;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review with
  management and the external auditors any changes in accounting principles and
  their applicability to the business;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review with
  management and the external auditors alternative treatments of financial
  information within generally accepted accounting principles that have been discussed
  with management, ramifications of the use of such alternative disclosures and
  treatments and the treatment preferred by the external auditors;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">satisfy itself that there are no unresolved issues between management
  and the external auditors that could reasonably be expected to materially
  affect the financial statements;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review with management and the external auditors the
  Corporation&#146;s interim financial statements, including the notes thereto,
  &#147;Management&#146;s Discussion and Analysis&#148;, US GAAP Note, the related earnings
  release, and approve the release of all to the public;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-4<a name="PB_4_105819_5926"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-4',FILE='C:\JMS\105590\10-4104-1\task3950348\4104-1-kk-15.htm',USER='105590',CD='Feb 24 05:36 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review and
  discuss with management and the external auditors the use of &#147;pro forma&#148; or
  &#147;adjusted&#148; non-GAAP information and the applicable reconciliation;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">on behalf of
  the Committee, the Chair shall review all public disclosure of material
  financial information extracted or derived from the Corporation&#146;s financial
  statements prior to dissemination to the public;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review with
  management at least annually the approach and nature of financial information
  and earnings guidance to be disclosed to analysts and rating agencies;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review and
  recommend to the Board for approval the Corporation&#146;s issuance and redemption
  of securities, financial commitments and limits, and any material changes
  underlying any of these commitments;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">at least
  annually, obtain and review the external auditors&#146; report with respect to the
  auditing firm&#146;s internal quality-control procedures, any material issues
  raised by the most recent internal quality-control review or peer review of
  the auditing firm, any inquiry or investigation by governmental or
  professional authorities within the preceding five years undertaken respecting
  one or more independent audits carried out by the external auditors, and any
  steps taken to deal with any such issues;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  quarterly with senior management and the Chief Legal Officer, and as
  necessary, outside legal advisors, and the Corporation&#146;s internal and
  external auditors, the effectiveness of the Corporation&#146;s internal controls
  to ensure the Corporation is in compliance with legal and regulatory
  requirements and with the Corporation&#146;s policies;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  quarterly with the Chief Legal Officer, and, if necessary, outside legal
  advisors, significant legal, compliance or regulatory matters that may have a
  material effect on the Corporation&#146;s financial statements;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review and
  consider, as appropriate, any significant reports and recommendations made by
  internal audit relating to internal audit issues, together with management&#146;s
  response thereto;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  changes in accounting practices or policies and the financial impact these
  may have on the Corporation;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">discuss with
  the external auditors their perception of the Corporation&#146;s financial and
  accounting personnel, any recommendations which the external auditors may
  have, including those contained in the management letter, with respect to
  improving internal financial controls, choice of accounting principles or
  management reporting systems, and review all management letters from the
  external auditors together with management&#146;s written responses thereto;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review with
  management, the external auditors and, as necessary, internal and external
  legal counsel, any litigation, claim or contingency, including tax
  assessments, that could have a material effect upon the financial position of
  the Corporation, and the manner in which these may be or have been disclosed in
  the financial statements;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  annually the Annual Pension Report and financial statements of the
  Corporation&#146;s pension plans including the actuarial valuation,
  asset/liability forecast, asset allocation, manager performance and plan
  operating costs;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">together with the Human Resources Committee of the
  Board, review annually, and as required, the overall governance of the
  Corporation&#146;s Pension Plans, approving the broad </font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-5<a name="PB_5_105827_4688"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-5',FILE='C:\JMS\105590\10-4104-1\task3950348\4104-1-kk-15.htm',USER='105590',CD='Feb 24 05:36 2010' -->


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<div>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">objectives
  of the plans, the statement of investment policy, the appointment of
  investment managers, and reporting thereon to the Board annually;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  annually the internal audit department&#146;s charter, the scope and plans for the
  work of the internal audit group, the adequacy of the group&#146;s resources, the
  internal auditors access to all functions, records, property and personnel of
  the Corporation. The Committee shall also inform the internal auditors and
  management that the internal auditors shall have unfettered access to the
  Committee, as well as the Committee to the internal auditors;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">meet
  separately with management, the external auditors and internal auditors to
  review issues and matters of concern respecting audits and financial
  reporting;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review the
  annual audit of expense accounts and perquisites of the Directors, the CEO
  and his direct reports and their use of Corporate assets;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  annually the Corporation&#146;s annual sponsorship, donations and political
  contributions;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  management&#146;s processes relating to the assessment of potential fraud,
  programs and controls to mitigate the risk of fraud and the process put in
  place for monitoring the risks within targeted areas;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review with
  the Corporation&#146;s senior financial management and the Vice-President Internal
  Audit the adequacy of the Corporation&#146;s systems of internal control and
  procedures;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  disclosures made to the Committee by the CEO and Chief Financial Officer (the
  &#147;CFO&#148;) during their certification process for the relevant periodic reports
  filed with securities regulators to ensure that information required to be
  disclosed is recorded, processed, summarized and reported within the time
  periods specified for the reporting period. Obtain assurances from the CEO
  and CFO as to the adequacy and effectiveness of the Corporation&#146;s disclosure
  controls and procedures and systems of internal control over financial
  reporting and that any fraud involving management or other employees who have
  a significant role in the Corporation&#146;s internal controls was reported to the
  Committee;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">establish
  procedures for the receipt, retention and treatment of complaints received by
  the Corporation regarding accounting, internal accounting controls or
  auditing matters and the confidential, anonymous submission by employees of
  concerns regarding accounting or auditing matters;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review all
  incidents, complaints or information reported through the Ethics Help Line
  and/or management;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  disclosure made to the Committee by the Chief Executive Officer, Chief Financial
  Officer and/or Chief Legal Officer of a material violation of applicable
  securities laws, a material breach of a fiduciary duty under applicable laws
  or a similar material violation by the Corporation or by any officer,
  director, employee or agent of the Corporation, which has been reported to
  the Committee, determine whether an investigation is necessary regarding any
  such report and report to the board;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bb)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">discuss with
  management and the external auditors any correspondence from or with
  regulators or governmental agencies, any employee complaints or any published
  reports that raise material issues regarding the Corporation&#146;s financial
  statements or accounting policies;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cc)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">report annually to shareholders on the work of the
  Committee during the year;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-6<a name="PB_6_105839_2983"></a></font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-6',FILE='C:\JMS\105590\10-4104-1\task3950348\4104-1-kk-15.htm',USER='105590',CD='Feb 24 05:36 2010' -->


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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dd)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review and
  approve the Corporation&#146;s hiring policies for employees or former employees
  of the external auditors and monitor the Corporation&#146;s adherence to the
  policy;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ee)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">recommend to the Human Resources Committee the appointment,
  termination or transfer of the Vice-President, Internal Audit.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><u><font size="2" style="font-size:10.0pt;">Risk Management</font></u></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee provides oversight of management&#146;s
establishment of an overall risk culture for the Corporation.&#160; The Committee shall oversee and approve the
processes established and developed by management for the identification of the
Corporations principal risks, the evaluation of potential impact and the
implementation of appropriate systems to mitigate and manage the risks.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee shall:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review annually with the Board management&#146;s assessment of the
  significant risks to which the Corporation is exposed; discuss with
  management the Corporation&#146;s policies and procedures for identifying and
  managing the principal risks of its business in order to ensure that
  management:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">has
  identified appropriate business strategies to take into account the principal
  risks identified, and</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">is maintaining systems and procedures to manage or mitigate those
  risks, including programs of loss prevention, insurance and risk reduction
  and disaster response and recovery programs;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">receive and
  review managements&#146; quarterly risk assessment update including an update on residual
  risks, emergent risks and next steps;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review the
  Corporation&#146;s enterprise risk management framework and reporting methodology;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review
  annually the Corporation&#146;s Financial and Commodity Exposure Management
  Policies and approve changes to such policies; review and authorize the
  Corporation&#146;s strategic hedging program guidelines and risk tolerance; review
  and monitor quarterly results of financial and commodity exposure management
  activities, including foreign currency and interest rate risk strategies,
  counterparty credit exposure and the use of derivative instruments;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">review the
  Corporation&#146;s annual insurance program, including the risk retention
  philosophy, and potential exposure and corporate liability protection
  programs for directors and officers including directors&#146; and officers&#146;
  insurance coverage;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">periodically
  consider the respective roles and responsibilities of the external auditor,
  the internal audit department, internal and external counsel concerning risk
  management of the Corporation and review their performance in relation to
  such roles and responsibilities; and</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">annually, together with management report to the Board on:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 1.5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the
  Corporation&#146;s strategies in light of the overall risk profile of the Corporation;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the nature
  and magnitude of all significant risks the Corporation is exposed to;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the processes, policies, procedures and controls in
  place to manage or mitigate the significant risks; and</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-7<a name="PB_7_105851_6228"></a></font></p>

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</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.66%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the overall effectiveness of the enterprise risk management process.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 2.0in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Compliance and Powers of the
Committee</font></p>

<p style="font-weight:bold;margin:0in 0in .0001pt .5in;page-break-after:auto;text-align:justify;text-indent:-.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
  responsibilities of the Committee complies with applicable Canadian laws and
  regulations, such as the rules&nbsp;of the Canadian Securities
  Administrators, and with the disclosure and listing requirements of the
  Toronto Stock Exchange, as they exist on the date hereof. In addition this
  Charter complies with applicable US laws, such as the Sarbanes-Oxley Act and
  the rules&nbsp;and regulations adopted thereunder, and with the New York
  Stock Exchanges&#146; corporate governance standards, as they exist on the date
  hereof. This Charter is reviewed from time to time by the Corporate Secretary
  together with the Chair of the Committee in order to ensure on going
  compliance with such standards.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Committee may, at the request of the Board or on
  its own initiative, investigate such other matters as are considered
  necessary or appropriate in carrying out its mandate.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-8<a name="PB_8_105857_6479"></a></font></p>

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</div>
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<div>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">APPENDIX&nbsp;&#147;B&#148; &#150; GLOSSARY OF TERMS</font></b></h1>

<h1 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Annual Information Form&nbsp;includes the following defined terms:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>AEUB</b>&#148; means the then Alberta Energy and
Utilities Board;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Alberta PPA</b>&#148; means an Alberta
government mandated power purchase arrangement;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>availability</b>&#148; means the &#147;weighted
average equivalent availability factor&#148;, which is a term used to calculate
availability for a pool or fleet of units of varying sizes. It is a measure of
time and energy expressed in percentage of continuous operation, 24 hours a
day, 365 days a year, that a generating unit is capable of generating
electricity, whether or not it is actually generating electricity;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>capacity</b>&#148; means net maximum capacity
that a unit can sustain over a period of time;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>gigawatt hour</b>&#148; or &#147;<b>GWh</b>&#148;
means one&nbsp;million kilowatt hours of electrical power;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>kilowatt</b>&#148; or &#147;<b>kW</b>&#148;
means 1,000 watts of electrical power;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>kilowatt hour</b>&#148; or &#147;<b>kWh</b>&#148;
means one hour during which one kilowatt of electrical power has been
continuously produced;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>megawatt</b>&#148; or &#147;<b>MW</b>&#148;
means 1,000 kilowatts or one&nbsp;million watts of electrical power;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>megawatt hour</b>&#148; or &#147;<b>MWh</b>&#148;
means 1,000 kilowatt hours;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>watt</b>&#148; means the scientific unit of
electrical power, being the rate of energy use that gives rise to the production
of energy at a rate of one joule per second;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>watt hour</b>&#148; is a measure of energy
production or consumption equal to one watt produced or consumed for one hour;
and</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>WPPI</b>&#148; means the Government of Canada&#146;s
Wind Power Production Incentive available to approved wind generation
facilities commissioned between April&nbsp;1, 2002 and March&nbsp;31, 2007.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-1<a name="PB_1_105928_2794"></a></font></p>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>3
<FILENAME>a10-4104_1ex13d2.htm
<DESCRIPTION>EX-13.2 MANAGEMENT'S DISCUSSION AND ANALYSIS.
<TEXT>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Exhibit 13.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial"><img width="169" height="50" src="g41041kn01i001.jpg"></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TransAlta Management&#146;s Discussion and Analysis</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;">December&nbsp;31, 2009</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">PLANT
SUMMARY</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As of<br>
  January&nbsp;31, 2010</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="24%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Facility</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Capacity<br>
  (MW)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Ownership<br>
  (%)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net capacity<br>
  ownership<br>
  interest (MW)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:3.5pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fuel</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Revenue source</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Contract<br>
  expiry date</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Sundance, AB</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2,126</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2,126</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Coal</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta
  PPA/Merchant </font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2017, 2020</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Keephills, AB</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(3)</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">812</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">812</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Coal</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta
  PPA/Merchant</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Keephills 3, AB</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(4)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">450</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">225</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Coal</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Sheerness, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">780</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">25</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">195</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Coal</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wabamun, AB</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(5)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">279</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">279</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Coal</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Genesee 3, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">450</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">225</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Coal</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Fort Saskatchewan, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">118</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">30</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">35</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2019</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Meridian, SK</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">220</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">25</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">55</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2024</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Poplar Creek, AB</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">356</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">356</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC/Merchant</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2024</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Barrier, AB</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">13</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">13</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Bearspaw, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">17</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">17</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Belly River, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Big Horn, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">120</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">120</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Brazeau, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">355</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">355</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Cascade, AB</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">36</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">36</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Ghost, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">51</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">51</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Horseshoe, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">14</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">14</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Interlakes, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">5</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">5</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Kananaskis, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">19</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">19</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Pocaterra, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">15</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">15</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2013</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">Western</font></b></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Rundle, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">Canada</font></b></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Spray, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">103</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">103</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">44
  Facilities</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">St. Mary, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Taylor Hydro, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">13</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">6</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Three Sisters, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Alberta PPA</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2020</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Waterton, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Akolkolex, BC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">10</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">10</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2015</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Pingston, BC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">45</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">23</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2023</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Upper Mamquam, BC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">25</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">25</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2025</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Bone Creek, BC</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(4)</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">18</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">18</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2047</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Blue Trail, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">66</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">66</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wind</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Castle River, AB</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(6)</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">44</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">44</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wind</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC/Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2011</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Cowley North, AB</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">20</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">20</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wind</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Cowley Ridge, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">21</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">21</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Macleod Flats, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">McBride Lake, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">75</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">38</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2024</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Sinnott, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">7</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">7</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Soderglen, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">71</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">35</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Summerview 1, AB</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(7)</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">70</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">70</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wind</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Taylor Wind, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wind</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Ardenville, AB</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(4)</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">69</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">69</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wind</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Summerview 2, AB</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(4)</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">66</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">66</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wind</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Grand Prairie, AB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">25</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">25</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Biomass</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2019&#150;2024</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="24%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total Western Canada</font></b></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">7,051</font></b></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">5,666</font></b></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Mississauga, ON</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">108</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">54</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2017</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Ottawa, ON</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">68</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">34</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2012</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Sarnia</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(8)</font><font size="1" face="Arial" style="font-size:6.5pt;">, ON</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">506</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">506</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2022&#150;2025</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Windsor, ON</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">68</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">34</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC/Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2016</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Moose Rapids, ON</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2011</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Ragged Chute, ON</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">7</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">7</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2011</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">Eastern</font></b></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Misema, ON</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">3</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2027</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">Canada</font></b></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Appleton, ON</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2011</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">15
  Facilities</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Galetta, ON</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2011</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Kent Hills, NB</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">96</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">83</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">80</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wind</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2033</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Kent Hills 2, NB</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(4)</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Melancthon I, ON</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">68</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Melancthon II, ON</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2029</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="24%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total Eastern Canada</font></b></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">1,411</font></b></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">1,273</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Centralia, WA</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(9)</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">1,376</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">1,376</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Coal</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Centralia Gas, WA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">248</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">248</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:.9%;">
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Power Resources, TX</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">212</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">106</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">United States</font></b></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Saranac, NY</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">240</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">37.5</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">90</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Merchant</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">&#150;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">17
  Facilities</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Yuma, AZ</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">25</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2024</font></p>
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  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Imperial Valley</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(10)</font><font size="1" face="Arial" style="font-size:6.5pt;">, CA</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">327</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">164</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Geothermal</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2016&#150;2029</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Skookumchuk, WA</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">1</font></p>
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  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Wailuku, HI</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Hydro</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2023</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:solid #949D50 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="24%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total U.S.</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,464</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">2,015</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-right:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">Australia</font></b></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Parkeston, WA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">110</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">55</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2016</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border-bottom:solid #949D50 1.0pt;border-left:none;border-right:solid #949D50 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">5
  Facilities</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Southern Cross</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-2.0pt;">(11)</font><font size="1" face="Arial" style="font-size:6.5pt;">, WA</font></p>
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  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">245</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">245</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Gas/Diesel</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="15%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">LTC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="8%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">2013</font></p>
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  <td width="0%" valign="bottom" bgcolor="#F2F3E7" style="background:#F2F3E7;border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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 </tr>
 <tr>
  <td width="9%" valign="bottom" style="border-bottom:solid #949D50 1.5pt;border-left:none;border-right:solid #949D50 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="24%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total Australia</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">355</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">300</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.58%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="24%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:24.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:6.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">11,281</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.86%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.6%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.48%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">9,254</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.74%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:15.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" bgcolor="#F1F9FD" style="background:#F1F9FD;border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:.9%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">1</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Megawatts are rounded to the nearest whole number</font></i></p>
  </td>
  <td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">5</font></i></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">To be retired in 2010</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">9</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Centralia Thermal&#146;s NMC has been reduced from </font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">2</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Merchant capacity refers to uprates on unit 4 (53
  MW),</font></i></p>
  </td>
  <td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">6</font></i></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Includes 7 individual turbines at other locations</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">1,404 MW to reflect a lower plant output as a
  result </font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">unit 5 (53 MW) and unit 6 (44 MW)</font></i></p>
  </td>
  <td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">7</font></i></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Comprised of 2 facilities</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">of its conversion to burning Power River Basin
  coal</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">3</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Includes two 23 MW uprates on units 1 and 2
  expected </font></i></p>
  </td>
  <td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">8</font></i></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Sarnia&#146;s NMC has been adjusted from 575 MW due </font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">10</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Comprised of 10 facilities</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">to be commercial in 2011 and 2012, respectively</font></i></p>
  </td>
  <td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">to decommissioning of equipment at the facility</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">11</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Comprised of 4 facilities</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">4</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">These facilities are currently under development</font></i></p>
  </td>
  <td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.6%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.78%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.68%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="27%" valign="top" style="padding:0in 0in 0in 0in;width:27.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">1</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta
Corporation</font><a name="PB_1_095308_7056"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 251.7pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">MANAGEMENT&#146;S DISCUSSION AND
ANALYSIS</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#F2F3E7" style="background:#F2F3E7;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="line-height:15.0pt;margin:0in 0in 2.0pt;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">3</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">  <font color="#00a4e4" style="color:#00A4E4;">Business Environment
  </font><font color="#949c51" style="color:#949C51;">5</font>
  <font color="#00a4e4" style="color:#00A4E4;">Strategy </font><font color="#949c51" style="color:#949C51;">5</font>  <font color="#00a4e4" style="color:#00A4E4;">Capability to Deliver Results</font>
  <font color="#949c51" style="color:#949C51;">6</font>  <font color="#00a4e4" style="color:#00A4E4;">Performance Metrics</font>
  <font color="#949c51" style="color:#949C51;">9</font>  <font color="#00a4e4" style="color:#00A4E4;">Results of Operations</font>
  <font color="#949c51" style="color:#949C51;">10</font>  <font color="#00a4e4" style="color:#00A4E4;">Reported Earnings</font>  <font color="#949c51" style="color:#949C51;">11</font>  <font color="#00a4e4" style="color:#00A4E4;">Significant Events</font>  <font color="#949c51" style="color:#949C51;">16</font>  <font color="#00a4e4" style="color:#00A4E4;">Subsequent Events</font>  <font color="#949c51" style="color:#949C51;">16</font>  <font color="#00a4e4" style="color:#00A4E4;">Discussion of Segmented Results </font><font color="#949c51" style="color:#949C51;">21</font>  <font color="#00a4e4" style="color:#00A4E4;">Financial Position</font>  <font color="#949c51" style="color:#949C51;">22</font>  <font color="#00a4e4" style="color:#00A4E4;">Financial Instruments </font><font color="#949c51" style="color:#949C51;">25</font>  <font color="#00a4e4" style="color:#00A4E4;">Statements of Cash Flows</font>
  <font color="#949c51" style="color:#949C51;">26</font>  <font color="#00a4e4" style="color:#00A4E4;">Liquidity and Capital Resources</font>
  <font color="#949c51" style="color:#949C51;">27</font>  <font color="#00a4e4" style="color:#00A4E4;">Climate Change and the
  Environment </font><font color="#949c51" style="color:#949C51;">29</font>
  <font color="#00a4e4" style="color:#00A4E4;">2010 Outlook</font>  <font color="#949c51" style="color:#949C51;">32</font>  <font color="#00a4e4" style="color:#00A4E4;">Risk Management</font>  <font color="#949c51" style="color:#949C51;">39</font>  <font color="#00a4e4" style="color:#00A4E4;">Critical Accounting Policies and
  Estimates</font>  <font color="#949c51" style="color:#949C51;">43</font>
  <font color="#00a4e4" style="color:#00A4E4;">Future Accounting Changes </font><font color="#949c51" style="color:#949C51;">44</font>  <font color="#00a4e4" style="color:#00A4E4;">Non-GAAP Measures</font>  <font color="#949c51" style="color:#949C51;">47</font>  <font color="#00a4e4" style="color:#00A4E4;">Forward Looking Statements</font></font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial"><img width="638" height="397" src="g41041kn01i002.jpg"></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="border:none;border-top:dotted #949751 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">This management&#146;s discussion and
  analysis (&#147;MD&amp;A&#148;) should be read in conjunction with the audited 2009
  consolidated financial statements. The consolidated financial statements have
  been prepared in accordance with Canadian Generally Accepted Accounting
  Principles (&#147;Canadian GAAP&#148;). All dollar amounts in the following discussion,
  including the tables, are in millions of Canadian dollars unless otherwise
  noted. This MD&amp;A is dated Feb.&nbsp;23, 2010. Additional information
  respecting TransAlta Corporation (&#147;TransAlta&#148;, &#147;we&#148;, &#147;our&#148;, &#147;us&#148;, or &#147;the
  Corporation&#148;), including its Annual Information Form, is available on SEDAR
  at www. sedar. com and on our website at www. transalta. com.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">2</font><a name="PB_2_095459_5335"></a></p>

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<div>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">BUSINESS ENVIRONMENT</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Overview of the Business</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">We are a wholesale power generator and
marketer with operations in Canada, the United States (&#147;U. S.&#148;), and Australia.
In 2009, we celebrated our 100th year since incorporation. We own, operate, and
manage a highly contracted and geographically diversified portfolio of assets
and utilize a broad range of generation fuels including coal, natural gas,
hydro, wind, geothermal, and biomass. During 2009, we increased our renewables
portfolio from 15 per cent to 22 per cent of our net generating capacity with
the acquisition of Canadian Hydro Developers,&nbsp;Inc. (&#147;Canadian Hydro&#148;) and
the completion of our Blue Trail wind facility. </font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">We operate in a variety of markets to
generate electricity, find buyers for the power we generate, and arrange for
its transmission. The major markets we operate in are Western Canada, the
Pacific Northwest, and Eastern Canada. The key characteristics of these markets
are described below.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Demand</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Demand for electricity is a fundamental driver of prices in
all of our markets. Economic growth is the main driver of longer-term changes
in the demand for electricity. Historically, demand for electricity in all
three of our major markets has grown at an average rate of one to three per
cent per year; however, the weak economic environment experienced in 2009
resulted in zero to negative demand growth in our key markets. In Alberta,
demand growth is expected to resume again in 2010 after three years of
stagnation. Cost reductions combined with relatively well-supported oil prices
are expected to result in a modest but sustained increase in oil sands
development which will, in turn, lead to higher electricity demand. Due to the
economic recession, the Pacific Northwest has seen demand destruction in 2009.
Load in this region is not expected to return to 2008 levels until 2011 or
2012. The long-term growth rate in this region is expected to be lower than
historical trends because there is a large emphasis on energy efficiency across
the region. Demand in Ontario is expected to increase in 2010 as the economy
recovers. In the longer-term, demand in Ontario is expected to remain
constrained as the province&#146;s economy continues to move away from manufacturing
and as other energy efficiency policies take hold.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Supply</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In all markets in which we operate, the cost of building
most types of new generating capacity has decreased due to the global economic
slowdown. Going forward, costs are expected to increase again as an economic
recovery takes hold and markets tighten. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Greenhouse gas (&#147;GHG&#148;) legislation of some form is still
expected in Canada and the U.S. Given this anticipated future legislation, new
generating capacity in the short- to medium-term is expected to be primarily in
renewable energy and natural gas-fired generation. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Reserve margins, which measure available capacity in a
market over and above the capacity needed to meet normal peak demand levels,
have increased due to low or negative levels of load growth combined with new
supply coming on line. It is expected that reserve margins will begin to
decline slowly from current levels as load growth resumes.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Green technologies have gained favour with regulators and
the general public, creating increasing pressure to supply power using
renewable resources such as wind, hydro, geothermal, and solar. The economic
feasibility of solar power is still being debated.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">While there are many new developments that will likely
impact the future supply of electricity, the low cost of our base load
operations still means that our plants are supported in the market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Transmission</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Transmission refers to the bulk delivery system of power and
energy between a generating unit and the distribution system that links to
wholesale and/or retail customers. Transmission lines themselves serve as the
physical path, transporting electricity from the generating unit to the
individual distribution systems. Transmission systems are designed with
sufficient reserve capacity to allow for &#147;real time&#148; fluctuations in both
supply and demand caused by generation plants or loads coming on and off the
transmission network. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Transmission capacity refers to the ability of the
transmission line, or lines, to transport this bulk supply of electricity in an
amount that balances the demand needs with the generating supply, allows for an
amount of power required for system integrity and security, and allows for
reserve capacity to respond to contingency situations on the system. Most
transmission businesses in North America are still regulated.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In many markets, including Alberta, investment in
transmission capacity has not kept pace with the growth in demand for
electricity. Lead times in new transmission infrastructure projects are
significant, are subject to extensive consultation processes with landowners,
and are subject to regulatory requirements that change frequently. As a result,
additions of generating capacity may not have ready access to markets until key
transmission upgrades and additions are completed.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, the provincial government declared several
important projects as being critical, including transmission lines between the
Edmonton and Calgary regions, and between Edmonton and northeast Alberta. As a
result, transmission lines within one of our key markets will receive the necessary
upgrade to become less congested, and therefore will be more efficient in
meeting the needs of the growth in the demand for electricity in the long-term.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Historically, transmission systems have been designed to
serve loads in only their local area, and interties between jurisdictions were
only a small fraction of the local generation capacity or load. Future
transmission lines will need to connect beyond provincial and state borders as
there is a desire to improve efficiency by distributing large quantities of
electricity from one region to another.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Environmental Legislation and Technologies</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Environmental issues and related legislation have, and will
continue to have, an impact upon our business. Since 2007, we have incurred
costs as a result of GHG legislation in Alberta. Legislation in other
jurisdictions and at different levels of government is in various stages</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">3</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta
Corporation</font><a name="PB_3_084244_5796"></a></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">of maturity and sophistication. Our exposure to increased
costs as a result of environmental legislation in Alberta is minimized through
change-in-law provisions in our Power Purchase Arrangements (&#147;PPAs&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Both the Canadian and U.S. federal governments are
considering cap and trade policies to manage GHG emissions. However, economic
uncertainty fueled by financial market volatility, a developing recovery, and
Canada&#146;s political environment may delay the adoption of such systems. For
these reasons, the Canadian government may not implement new environmental legislation
until the end of 2010 or later. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">While carbon capture and storage (&#147;CCS&#148;) technologies are
being developed, these technologies are not sufficiently advanced at this time.
A $2 billion dollar provincial fund and a $1 billion federal fund have been
dispersed to several, large demonstration projects. Those investments are
expected to bring the cost of CCS down over the next 10 years. The outlook for
these costs sets a floor price for carbon abatement technologies if regulatory
or trading schemes are implemented. The future of carbon regulation remains
uncertain.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Economic Environment</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Although we are seeing signs of an economic recovery, it is
too early to judge the pace and magnitude with which the recovery will occur.
Our strong financial position, available committed lines of credit, and
relatively low debt maturity profile allows us to be selective about when we go
to the market for financing. In 2009, we took advantage of our strong financial
position by completing the acquisition of Canadian Hydro, which included
issuing debt and equity to finance the purchase. The market reacted favourably
to these transactions and we see continued capital market support for other
projects that meet our return requirements and risk profile.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Electricity Prices</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Spot electricity prices are important to our business as
  our merchant natural gas, wind, hydro, and thermal facilities are exposed to
  these prices. Changes in these prices will affect our profitability as well
  as any contracting strategy. Our Alberta plants, operating under PPAs, pay
  penalties or receive payments based upon a rolling 30-day average of spot
  prices. Long-term contracts at Sarnia, and our short-term contracts at
  Centralia Thermal, minimize the impact of spot price changes.</font></p>
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Spot electricity prices in our markets are driven by
  customer demand, generator supply, natural gas prices, and the other business
  environment dynamics discussed above. We monitor these trends in prices and
  schedule maintenance, where possible, during times of lower prices.</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial"><img width="312" height="153" src="g41041kn03i001.jpg"></font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, average spot prices decreased in Alberta, the
Pacific Northwest, and in Ontario due to lower natural gas prices and weaker
demand for electricity. In Alberta, prices also decreased due to increased
availability across the province&#146;s thermal coal fleet.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During the year, our consolidated power portfolio was over
95 per cent hedged at an average price ranging from $60 &#150; $65 per megawatt hour
(&#147;MWh&#148;) in Alberta, and an average price ranging from U.S.$50 &#150; $55/MWh in the
Pacific Northwest. The use of these hedges reduced the impact of lower prices
upon our consolidated financial results.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Technological advancements have made it possible to develop
shale gas reserves that were previously inaccessible. In the short-term,
economic conditions and new shale gas supply have created a market where supply
is expected to exceed demand. This over-supply of natural gas puts negative
pressure on electricity prices. In the long-term, natural gas prices will
depend on investment in additional infrastructure, the shale gas supply, and
the demand for natural gas in the transportation and electricity sectors.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Spark Spreads</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Spark spreads measure the potential profit from generating
  electricity at current market rates.</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A spark spread is calculated as the difference between the
  market price of electricity and its cost of production. The cost of
  production is comprised of the total cost of fuel and the efficiency, or heat
  rate, with which the plant converts the fuel source to electricity. For most
  markets, a standardized plant heat rate is assumed to be 7,000 British
  Thermal Units (&#147;Btu&#148;) per Kilowatt hour (&#147;KWh&#148;).</font></p>
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Spark spreads will also vary between different plants due
  to their design, the region of the world in which they operate, and the requirements
  of the customer and/or market the plant serves. The change in the prices of
  electricity and natural gas, and the resulting spark spreads in our three
  major markets, affect our Generation and Commercial Operations&nbsp;&amp;
  Development (&#147;COD&#148;) business segments. </font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial"><img width="324" height="164" src="g41041kn03i002.gif" alt="GRAPHIC"></font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, average spark spreads decreased in Alberta due to
power prices decreasing more than natural gas prices as a result of increased
availability in the province&#146;s thermal coal fleet. Spark spreads in the Pacific
Northwest and Ontario increased as power prices have decreased less than
natural gas prices. In the Pacific Northwest, the increase in spark spreads is
primarily because 2009 had lower hydro based electricity production than 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">4</font><a name="PB_4_095735_5796"></a></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">STRATEGY</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Our goals are to deliver shareholder value
by providing dividend yield plus disciplined comparable earnings per share</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;(&#147;EPS&#148;) and cash flow from
operations growth, while maintaining a low-to-moderate risk profile,
disciplined capital allocation, and financial strength. Our comparable EPS and
cash flow from operations growth is driven by growing our renewable portfolio
across Canada and by further expanding our overall portfolio and operations in
the western regions of Canada and the U.S. We are focusing on these geographic
areas as our expertise, scale, and access to numerous fuel resources, including
coal, wind, geothermal, hydro, and natural gas, allow us to create expansion
opportunities in our core markets. Our strategy to achieve these goals has the
following key elements: </font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Financial</font></b><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">  <font color="#00a4e4" style="color:#00A4E4;">Strategy</font></font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our financial strategy is to maintain a strong balance sheet
and investment grade credit ratings to provide a solid foundation for our
long-cycle, capital-intensive, and commodity-sensitive business. A strong
balance sheet and investment grade credit ratings improve our competitiveness
by providing greater access to capital markets, lowering our cost of capital
compared to that of non-investment grade companies, and enabling us to contract
our assets with customers on more favourable commercial terms. We value
financial flexibility, which allows us to selectively access the capital
markets when conditions are favourable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Contracting Cash Flows</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, demand and prices in our key markets decreased
significantly compared to prior years primarily due to the weak economic
environment. While we are not immune to softening power prices, the impact of
these lower prices is significantly mitigated because approximately 89 per cent
of 2010 and approximately 83 per cent of 2011 expected capacity across our
fleet is contracted. It is this low-to-moderate risk contracting strategy that
helps protect our cash flow and our strong financial position through economic
cycles.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Operational Strategy</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage our facilities to achieve operations that are low
cost and predictable. Our target for 2010 is to increase productivity and
return overall fleet availability to 90 per cent. This increase in availability
involves developing and executing unit-specific maintenance plans that will
create stability in our operations and reduce overall maintenance costs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Growth Strategy</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our growth strategy is focused upon greening our portfolio
to reduce our carbon footprint and develop long-term, sustainable power
generation. We&#146;ve delivered on this plan in 2009 by acquiring Canadian Hydro,
expanding our wind portfolio, and completing efficiency uprates on Alberta
Thermal units. We continue to develop opportunities for future sustainable
power projects.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CAPABILITY TO DELIVER RESULTS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">We have numerous core competencies and
non-capital resources that give us the capability to achieve our corporate
objectives, which are discussed below. Refer to the Liquidity and Capital
Resources section of this MD&amp;A for further discussion of the capital
resources available that will assist in enabling us to achieve our objectives.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Operational Excellence</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We seek to optimize our generating portfolio by owning and
managing a mix of relatively low risk assets and fuels to deliver an acceptable
and predictable return. The following chart demonstrates the significant
progress that we have already made in each of our strategic focus areas.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Execution of our Strategy in 2009</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="24%" valign="top" style="border:solid gray 1.0pt;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Improve base operations </font></b></p>
  </td>
  <td width="2%" valign="top" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" valign="bottom" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Improved
  our cash flows through PPAs and other long-term contracts, which includes a
  new contract with the Ontario Power Authority for our Sarnia power plant that
  extends to 2025 </font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.05pt;">
  <td width="24%" height="15" valign="top" style="border:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" height="15" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" height="15" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Completed
  Unit 1 boiler modifications at Centralia Thermal</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.05pt;">
  <td width="24%" height="15" valign="top" style="border:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" height="15" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" height="15" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Implemented
  productivity and cost reductions</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="border:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Revised
  our Alberta Thermal plants major maintenance schedule on a unit-by-unit basis
  to improve stability and predictability </font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="border:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Reposition coal </font></b></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Partnered
  with Alstom Canada, Capital Power Corporation, and the federal and provincial
  governments to fund Project Pioneer, our CCS pilot project </font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="border:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Green our portfolio </font></b></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Completed
  the 66 MW Blue Trail wind farm and have an additional 189 MW of wind energy
  under construction that is scheduled to be operational between Q1 2010 and Q1
  2011 </font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.05pt;">
  <td width="24%" height="15" valign="top" style="border:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" height="15" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" height="15" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Accelerated
  the growth of our renewables portfolio with the acquisition of Canadian Hydro</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.05pt;">
  <td width="24%" height="15" valign="top" style="border:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" height="15" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" height="15" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Approved
  the expansion of Kent Hills and the construction of Bone Creek</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.05pt;">
  <td width="24%" height="15" valign="top" style="border:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" height="15" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" height="15" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;height:11.05pt;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Continued
  our work on the construction of our Ardenville and Summerview 2 wind farms</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="border:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:24.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:7.0pt;">n</font></p>
  </td>
  <td width="73%" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:73.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Continued
  active involvement in environmental policy discussions with various levels of
  government in Canada and the U.S. </font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .1in;text-align:justify;text-autospace:none;text-indent:-.1in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 </font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&#160;</font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Comparable earnings per share are not defined under Canadian GAAP.
Presenting earnings on a comparable basis from period to period provides
management and investors with the ability to evaluate earnings trends more
readily in comparison with prior periods&#146; results. Refer to the Non-GAAP
Measures section of this MD&amp;A for a further discussion of comparable
earnings per share, including a reconciliation to net earnings.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">5</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;TransAlta
Corporation</font><a name="PB_5_095809_2897"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Over the last three years, our average availability has been
86.0 per cent, which is below our corporate target of 90 per cent. This
decrease in average availability has been primarily due to the accelerated
planned maintenance undertaken in 2009, higher than normal unplanned outages at
our coal-fired plants in 2009 and 2008, and derating at Centralia Thermal in
2007. In 2009, we reviewed each unit and developed asset-specific maintenance
plans to achieve our target of 90 per cent availability, which should result in
more predictable performance and stable costs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Financial Strength</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We carefully manage our financial position and cash flows to
maintain financial strength and flexibility throughout all economic cycles.
This financial discipline proved invaluable during the economic environment of
2009 and will continue to be important during 2010. We continue to maintain
$2.1 billion in committed credit facilities, and as of Dec.&nbsp;31, 2009, $0.7
billion was available to us. These strong ratios, available credit, continued
reliable cash flow from operations, and limited debt maturity profile provide
us with ample financial flexibility, and as a result we can be selective about
if and when we go to the capital markets for funding.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The funding required for our growth strategy is supported by
our financial strength. In 2009, we took advantage of our strong financial
position by completing the acquisition of Canadian Hydro, which included
issuing debt and equity to finance the purchase. The market reacted favourably
to these transactions and we have maintained our investment grade credit
ratings. Looking forward, we see continued capital market support for projects
that meet our return requirements and risk profile.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Disciplined Capital Allocation</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We are committed to optimizing the balance between returning
capital to shareholders, liquidity requirements, base business investment, and
growth opportunities. We have a proven track record of maintaining our
long-term financial stability, which includes balancing the cash distributions
to our shareholders through dividends and share buybacks, with making investments
in growth projects that will deliver long-term cash flow.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We continue to grow our diversified generating fleet in
order to increase production and meet future demand requirements, with all
growth projects having the ability to exceed our target rates of returns. We
currently have 478 megawatts (&#147;MW&#148;) of capacity under construction, which is
comprised of 225 MW of coal-fired generation, 46 MW of uprates to our thermal
coal fleet, 189 MW of wind power, and 18 MW of hydro. We also have more than 600
MW of advanced development wind, hydro, and geothermal projects in our
development pipeline.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In addition to our greenfield growth plans, we continue our
uprates of existing facilities. These uprates add capability to our existing
fleet and provide opportunities for attractive rates of return. In 2009, we
completed the uprate on Unit 5 of our Sundance facility and in 2010, we will
continue our work on the uprates of Units 1 and 2 of our Keephills facility.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">People</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our experienced leadership team is comprised of senior
business leaders who bring a broad mix of skills in the electricity sector,
finance, law, government, regulation, and corporate governance. The leadership
team&#146;s experience and expertise, our employees&#146; knowledge and dedication to
superior operations, and our entire organization&#146;s knowledge of the renewable
energy business has resulted in a long-term proven track record of financial
stability and increasing shareholder value.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">PERFORMANCE METRICS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">We have key measures that, in our opinion, are
critical to evaluating how we are progressing towards meeting our goals. These
measures, which include a mix of operational, risk management, and financial
metrics, are discussed below.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Availability</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our plants must be available at all times throughout the
  year to meet demand. However, this ability to meet demand is limited by the
  requirement to shut down for planned maintenance and unplanned outages, and
  reduced production as a result of derates. Our goal is to minimize these
  events through regular assessments of our equipment and a comprehensive
  review of our maintenance plans. Over the past three years we have achieved
  an average availability of 86.0 per cent, which is below our long-term target
  of 90 per cent. Our availability in 2009 was 85.1 per cent.</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial"><img width="321" height="102" src="g41041kn03i003.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability for the year ended Dec.&nbsp;31, 2009 decreased
due to higher planned and unplanned outages at Alberta Thermal, higher
unplanned outages at Centralia Thermal, and higher planned outages at the
Windsor and Mississauga plants, partially offset by lower planned outages at
Centralia Thermal and lower planned and unplanned outages at Genesee 3.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Availability for the year ended Dec.&nbsp;31, 2008 decreased
due to higher unplanned outages at Alberta Thermal and Genesee 3, and higher
planned outages as a result of equipment modifications at Centralia Thermal,
partially offset by lower derates at Centralia Thermal as in 2007 we conducted
test burns of powder river basin (&#147;PRB&#148;) coal.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">6</font><a name="PB_6_095855_3020"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Production</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Production is a significant driver of revenue in some of
  our contracts and in our ability to capture market opportunities. Our goal is
  to optimize production through planned maintenance programs and the use of
  monitoring programs to minimize unplanned outages and derates. We combine
  these programs with our monitoring of market prices to optimize our results
  under both our contracted and merchant facilities.</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial"><img width="320" height="100" src="g41041kn03i004.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Production for the year ended Dec.&nbsp;31, 2009 decreased
3,155 gigawatt hours (&#147;GWh&#148;) due to higher economic dispatching and higher
unplanned outages at Centralia Thermal, higher planned and unplanned outages at
Alberta Thermal, lower PPA customer demand at Alberta Thermal and Sheerness,
the expiration of the long-term contract at Saranac, and lower hydro volumes,
partially offset by higher wind volumes due to the acquisition of Canadian
Hydro and the commissioning of Kent Hills, lower planned outages at Centralia
Thermal, and lower planned and unplanned outages at Genesee 3. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2008, production decreased
1,504 GWh due to higher unplanned outages at Alberta Thermal and Genesee 3,
higher planned outages at Centralia Thermal, lower market heat rates at Sarnia,
and economic dispatching at Centralia Thermal, partially offset by lower
unplanned outages at Centralia Thermal, higher merchant volumes due to the
uprate on Unit 4 at our Sundance facility, and lower derates at Centralia
Thermal resulting from test burns of PRB coal in 2007.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Productivity</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our operations, maintenance, and administration
  (&#147;OM&amp;A&#148;) costs reflect the operating cost of our facilities. These costs
  can fluctuate due to the timing and nature of planned maintenance activities.
  The remainder of OM&amp;A costs reflects the cost of day-to-day operations.
  Our target is to offset the impact of inflation in our recurring operating
  costs as much as possible through cost control and targeted productivity
  initiatives. We measure our ability to maintain productivity on OM&amp;A
  based on the cost per installed MWh of capacity.</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial"><img width="320" height="101" src="g41041kn03i005.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, OM&amp;A costs per
MWh hour increased primarily due to higher planned outages and unfavourable
foreign exchange rates, partially offset by targeted cost savings throughout
the Corporation, and lower compensation costs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2008, OM&amp;A costs per
MWh increased due to cost escalations, higher planned maintenance costs, and
increased compensation costs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Safety</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Safety is a top priority with all of our staff, contractors,
and visitors. Our goal is to improve safety by reducing our Injury Frequency
Rate (&#147;IFR&#148;) to 1 over the next five years.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="29%" valign="top" style="border:solid gray 1.0pt;padding:0in 0in 0in 0in;width:29.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:3.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="top" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:25.58%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:4.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:5.38%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:4.78%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:6.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="21%" valign="top" style="border:solid gray 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 6.5pt .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Target</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="29%" valign="top" style="border:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:29.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Injury
  Frequency Rate</font></p>
  </td>
  <td width="3%" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:3.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:25.58%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.76</font></p>
  </td>
  <td width="4%" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:5.38%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.28</font></p>
  </td>
  <td width="4%" valign="bottom" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:4.78%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:6.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1.41</font></b></p>
  </td>
  <td width="21%" valign="top" style="border-bottom:solid gray 1.0pt;border-left:none;border-right:solid gray 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:21.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 6.5pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1 over next
  five years</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The IFR increased in 2009 as a result of us not meeting
safety targets while completing the uprate on Unit 5 of our Sundance facility.
In 2008, the IFR decreased as a direct result of our continuous efforts to
improve safety.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Sustaining Capital Expenditures</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We are in a long-cycle capital-intensive business that
  requires consistent and stable capital expenditures. Our sustaining capital
  comprises three components: (1)&nbsp;routine and mine capital,
  (2)&nbsp;planned maintenance, and (3)&nbsp;productivity.</font></p>
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, we spent $86 million less on routine and mine
  capital, $10 million less on planned maintenance, and an additional $11
  million on productivity compared to 2008. The decrease in both routine and
  mine capital and planned maintenance in 2009 was due to lower mine capital
  and decreased spending on equipment modifications at Centralia Thermal. The
  increase in productivity expenditures was for various projects undertaken
  throughout the Corporation to improve operations and increase efficiencies.</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial"><img width="320" height="136" src="g41041kn03i006.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, we spent an additional $14 million on routine and
mine capital and an additional $47 million on planned maintenance compared to
2007. The increase in both routine and mine capital and planned maintenance was
due to higher unplanned outages at Alberta Thermal and Genesee 3, equipment
modifications at Centralia Thermal, and higher planned maintenance activities
across the fleet. In 2007, there were no productivity expenditures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our annual target for sustaining capital expenditures is
expected to decrease for 2010 to approximately $295 to $340 million, primarily
due to lower planned maintenance. We expect to return to normal sustaining
capital expenditure levels of $310 to $355 million in 2011.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">7</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta
Corporation</font><a name="PB_7_095921_7748"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Earnings and Cash Flow From Operating Activities</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We focus our base business on
delivering strong earnings and cash flow growth.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Target</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Comparable earnings per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.46</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.90</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Low double digit growth</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">EBITDA</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">980</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,006</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">895</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Low double digit growth</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow from operating activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">847</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,038</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">580</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">850&#150;950</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">EBITDA is not defined under Canadian GAAP. Presenting EBITDA from
period to period provides management and investors with a proxy for the amount
of cash generated from operating activities before net interest expense,
non-controlling interests, income taxes, and working capital adjustments. Refer
to the Non-GAAP Measures section of this MD&amp;A for a further discussion of
EBITDA, including a reconciliation to net earnings.</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, comparable earnings per share and earnings before
interest, taxes, depreciation, and amortization (&#147;EBITDA&#148;) decreased due to
higher planned and unplanned outages at Alberta Thermal, lower hydro volumes
and prices, and lower trading margins.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, comparable earnings per share and EBITDA increased
due to favourable pricing in our core markets, higher merchant volumes due to
the uprate on Unit 4 at our Sundance facility, and strong Energy Trading
results across all markets, partially offset by higher unplanned outages at
Alberta Thermal.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, cash flow from operating activities decreased due
to lower cash earnings, the receipt of an additional PPA payment in 2008,
higher inventory balances in 2009, and unfavourable movements in other working
capital balances.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, cash flow from operating activities increased due
to an increase in cash earnings and favourable changes in working capital
including the timing of PPA receipts in 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Investment
Grade Ratios</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Investment grade ratings support contracting activities and
provide better access to capital markets through commodity and credit cycles.
We are focused on maintaining a strong balance sheet and cash flow coverage
ratios to support stable investment grade credit ratings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:45.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Target</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:45.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow to interest coverage
  (times)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4.9</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4&#150;5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow to debt (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">31.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20.1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20&#150;25</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:45.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt to invested capital (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">46.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">56.1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">55&#150;60</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash flow to interest coverage decreased in 2009 compared to
the same period in 2008 as a result of lower cash flow from operating
activities and higher interest expense. Cash flow to interest coverage
increased in 2008 compared to 2007 as a result of increased cash from operating
activities and lower interest expense.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash flow to debt decreased in 2009 due to a decrease in
cash flows from operating activities and higher debt as a result of our
issuances of senior- and medium-term notes during 2009 to acquire Canadian
Hydro. Cash flow to debt increased in 2008 due to an increase in cash flows
from operating activities, which offset the increase in debt balances.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Debt to invested capital increased in 2009 compared to the
same period in 2008 as a result of the issuance of debt throughout the year to
fund growth and for the acquisition of Canadian Hydro. Debt to invested capital
increased in 2008 compared to 2007 as a result of the issuance of senior notes
in the amount of U. S.$500 million.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We seek to maintain financial flexibility by using multiple
sources of capital to finance capital allocation plans effectively, while
maintaining a sufficient level of available liquidity to support contracting
and trading activities. Further, financial flexibility allows our commercial
team to contract our portfolio with a variety of counterparties on terms and
prices that are beneficial to our financial results.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Shareholder
Value</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our business model is designed to deliver low-to-moderate
risk-adjusted sustainable returns and maintain financial strength and
flexibility, which enhances shareholder value in a capital intensive,
long-cycle, commodity-based business. Our target is to consistently grow our
comparable return on capital employed (&#147;ROCE&#148;)</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;and
total shareholder return (&#147;TSR&#148;)</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(2)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;each year.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The table below shows our historical
performance and targets on these measures:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:45.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Target</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:45.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Comparable ROCE (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5.8</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&gt; 10%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:45.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">TSR (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29.0</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(23.9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1.4</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:15.66%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&gt; 10%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Comparable ROCE decreased in 2009 due to lower comparable
earnings as a result of higher planned and unplanned outages at AlbertaThermal,
lower hydro volumes and prices, and lower trading margins. Comparable ROCE in
2008 was consistent with 2007.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The limited increase in TSR for 2009 is due to the beginning
of the slow recovery from the economic recession in 2008. The decrease in TSR
for 2008 was due to a decrease in share price as a result of the economic
recession, during which time the Standard&nbsp;&amp; Poor&#146;s/Toronto Stock
Exchange Composite Index decreased 35 per cent.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="border:none;border-top:dotted #949D51 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2</font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">These measures are not defined under Canadian GAAP. We evaluate our
performance and the performance of our business segments using a variety of
measures. These measures are not necessarily comparable to a similarly titled
measure of another company. Comparable ROCE is a measure of the efficiency and
profitability of capital investments and is calculated by taking comparable
earnings before net interest expense, non-controlling interests and taxes, and
dividing by the average invested capital excluding AOCI. Presenting this
calculation using comparable earnings before tax provides management and
investors with the ability to evaluate trends on the returns generated in
comparison with other periods. TSR is the total amount returned to investors
over a specific holding period and includes capital gains, capital losses, and
dividends.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">8</font><a name="PB_8_111355_7748"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\105939\10-4104-1\task3950187\4104-1-kn-05.htm',USER='105939',CD='Feb 24 04:41 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">RESULTS
OF OPERATIONS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">The results of operations are presented on
a consolidated basis and by business segment. We have two business segments:
Generation and COD. Our segments are supported by a corporate group that
provides finance, tax, treasury, legal, regulatory, environmental, health and
safety, sustainable development, corporate communications, government and investor
relations, information technology, risk management, human resources, internal
audit, and other administrative support.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Some of our accounting policies require
management to make estimates or assumptions that in some cases may relate to
matters that are inherently uncertain. Critical accounting policies and
estimates include: revenue recognition, valuation and useful life of property,
plant, and equipment (&#147;PP&amp;E&#148;), financial instruments, asset retirement
obligation (&#147;ARO&#148;), valuation of goodwill, income taxes, and employee future
benefits. Refer to the Critical Accounting Policies and Estimates section of
this MD&amp;A for further discussion.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">In this MD&amp;A, the impact of foreign
exchange fluctuations on foreign currency denominated transactions and balances
is discussed with the relevant items from the Consolidated Statements of
Earnings and the Consolidated Balance Sheets. While individual line items on
the Consolidated Balance Sheets will be impacted by foreign exchange
fluctuations, the net impact of the translation of individual items is
reflected in the equity section.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">HIGHLIGHTS AND SUMMARY OF RESULTS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following table depicts key
financial results and statistical operating data:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Availability (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">85.1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">85.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">87.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Production (GWh)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">45,736</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48,891</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50,395</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,770</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,775</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gross margin</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,542</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,617</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,544</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operating income</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">378</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">533</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">541</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">309</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net earnings per share, basic and
  diluted</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.90</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.53</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Comparable earnings per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.90</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.46</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow from operating activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">580</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,038</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">847</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Free cash flow</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-2.0pt;">(1)</font><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;(deficiency)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(117</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">121</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">111</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash dividends declared per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1.16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.08</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.00</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9,762</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7,824</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7,157</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:60.0%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total long-term financial
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5,512</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,645</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:12.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,858</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Gross margin, operating income, and free cash flow are not defined
under Canadian GAAP. Refer to the Non-GAAP Measures section of this MD&amp;A
for further discussion of these items, including reconciliations to net
earnings and cash flow from operating activities.</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">9</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;TransAlta
Corporation</font><a name="PB_9_111355_141"></a></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">REPORTED EARNINGS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The primary factors contributing to
the change in net earnings for the years ended Dec.&nbsp;31, 2009 and 2008 are
presented below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net earnings for the year ended Dec.&nbsp;31, 2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.5pt;">309</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in Generation gross
  margins</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Mark-to-market movements&#151;Generation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in COD gross margins</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in operations,
  maintenance, and administration costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(60</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in depreciation expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gain on sale of mining equipment in
  2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Decrease in net interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in equity loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(47</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in non-controlling
  interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in income tax expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(14</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net earnings for the year ended
  Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Decrease in Generation gross
  margins</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(33</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Mark-to-market movements&#151;Generation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Decrease in COD gross margins</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(58</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in operations,
  maintenance, and administration costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(30</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in depreciation expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(47</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Writedown of mining development
  costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in net interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(34</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity loss recorded in 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Decrease in non-controlling
  interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Decrease in income tax expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net earnings for the year ended
  Dec.&nbsp;31, 2009</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, Generation gross
margins, net of mark-to-market movements, decreased due to higher planned
outages at Alberta Thermal, lower hydro volumes and prices, and the expiration
of the long-term contract at Saranac, partially offset by lower planned and
unplanned outages at Genesee 3, higher wind volumes due to the acquisition of
Canadian Hydro and the commissioning of Kent Hills, favourable foreign exchange
rates, and favourable contractual pricing.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, Generation gross margins, net of mark-to-market
movements, increased due to favourable pricing, lower derates at Centralia
Thermal, and higher merchant volumes as a result of the uprate on Unit 4 at our
Sundance facility, partially offset by higher unplanned outages at Alberta
Thermal and Genesee 3.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, COD gross margins
decreased due to a reduction in industrial demand, gas price uncertainty, and
the change in the California market, which resulted in reduced pricing spreads
and smaller margins.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, COD gross margins increased due to all regions
experienced positive results in 2008, with the increase primarily attributable
to successful trading strategies involving regional power demand and price
differentials in the eastern region.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, OM&amp;A costs
increased primarily due to higher planned outages and unfavourable foreign
exchange rates, partially offset by targeted cost savings throughout the
Corporation, and lower compensation costs. In 2008, OM&amp;A costs increased
due to cost escalations, higher planned maintenance costs, and increased
compensation costs.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, depreciation expense
increased due to an increased asset base, unfavourable foreign exchange rates,
and the retirement of certain assets that were not fully depreciated during
planned maintenance activities, partially offset by lower production at Saranac
and the early retirement of certain components as a result of equipment
modifications made at Centralia Thermal in 2008.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, depreciation expense increased compared to the same
period in 2007 due to increased capital spending, the retirement of assets that
were not fully depreciated as a result of planned maintenance activities, and
the early retirement of certain components as a result of equipment
modifications made at Centralia Thermal.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2006, we ceased mining activities at the Centralia mine
but continued to develop the option to mine the Westfield site, a coal reserve
located adjacent to Centralia Thermal. With the successful modifications of the
boilers at Centralia Thermal and longer-term contracts in place to supply coal,
the project to develop the Westfields site has now been placed on hold
indefinitely and the costs that have been capitalized were expensed during the
fourth quarter of 2009.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Net interest expense increased for the year ended Dec.&nbsp;31,
2009 due to higher long-term debt levels and lower interest income as a result
of the receipt of interest income from a tax settlement in 2008, partially
offset by lower interest rates and higher capitalized interest primarily due to
the construction of Keephills 3. In 2008, net interest expense decreased
primarily due to interest received on the settlement of a tax issue and higher
capitalized interest, partially offset by lower interest income from cash
deposits.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">10<a name="PB_10_111355_7608"></a></font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In the first quarter of 2008, an equity loss of $97 million
was recorded to reflect the writedown of our Mexican equity investment that was
sold in the fourth quarter of the same year. Equity loss increased for the year
ended Dec.&nbsp;31, 2008 compared to the same period in 2007 due to the
writedown of our Mexican equity investment in the first quarter of 2008,
partially offset by a tax expense recorded in 2007 as a result of changes in
tax law in Mexico.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, non-controlling
interests decreased primarily due to lower earnings resulting from the
expiration of the long-term contract at Saranac. Non-controlling interests for
the year ended Dec. 31, 2008 were comparable to 2007.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, income tax expense
decreased due to lower pre-tax earnings and the recovery recorded for a change
in future tax rates related to tax liabilities recorded in prior periods,
partially offset by the income tax recovery related to tax positions recorded
in 2008. Income tax expense for the year ended Dec.&nbsp;31, 2008 was
comparable to the same period in 2007.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">SIGNIFICANT
EVENTS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our consolidated financial results include the following
significant events:</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-style:italic;font-weight:bold;">2009</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Medium-Term
Notes Offerings</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Nov.&nbsp;18, 2009, we completed our offering in the Canadian
bond market of $400 million medium-term notes maturing in 2019 and bearing an
interest rate of 6.40 per cent. The net proceeds from the offering were used to
repay a portion of the indebtedness relating to our acquisition of Canadian
Hydro.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;29, 2009, we completed our offering in the
Canadian bond market of $200 million medium-term notes maturing in 2014 and
bearing an interest rate of 6.45 per cent. The net proceeds from the offering
were used for debt repayment, financing of our long-term investment plan, and
for general corporate purposes.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Senior
Notes Offering</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Nov.&nbsp;13, 2009, we completed our offering of U.S.$500
million senior notes maturing in 2015 and bearing an interest rate of 4.75 per
cent. The net proceeds from the offering were used to repay a portion of the
indebtedness relating to our acquisition of Canadian Hydro.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Sale
of Common Shares</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Nov.&nbsp;5, 2009, we completed our public offering of
20,522,500 Common shares at a price of $20.10 per common share, which resulted
in net proceeds of approximately $413 million. The net proceeds from the
offering were used to repay a portion of the indebtedness relating to our
acquisition of Canadian Hydro.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Blue
Trail</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Nov.&nbsp;2, 2009, our Blue Trail wind farm began
commercial operations on budget and one month ahead of schedule. The 66 MW
facility is located southwest of Fort McLeod in southern Alberta.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Keephills
3</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;26, 2009, the Board of Directors approved an
increase in the construction cost of Keephills 3 to $988 million due to a change
in our original expectations of the labour required to complete the project,
and a change to the commencement of commercial operations from the first
quarter of 2011 to the second quarter of 2011. Even with the delay of
operations and increased cost, Keephills 3 is still expected to meet our
investment hurdles.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Carbon
Capture and Storage</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;14, 2009, the federal and provincial
governments announced that our CCS project, Project Pioneer, has received
committed funding of more than $750 million. The funding is being provided as
part of the Government of Canada&#146;s $1 billion Clean Energy Fund and the
Government of Alberta&#146;s $2 billion CCS initiative. The funding will support the
undertaking of a Front End Engineering and Design (&#147;FEED&#148;) study to determine
if the project is viable. The FEED study is expected to cost $20 million; $10
million will come from the federal government, $5 million will come from the
provincial government, and $5 million will come from TransAlta and from
industry partners Alstom Canada and Capital Power Corporation (&#147;Capital Power&#148;).
The FEED study is expected to be completed by the end of 2010 or in early 2011,
and if we proceed with construction, the prototype plant has a targeted
start-up date of 2015.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Acquisition
of Canadian Hydro</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;5, 2009, we entered into a definitive
pre-acquisition agreement with Canadian Hydro to acquire all of their issued
and outstanding common shares for $5.25 per share in cash. On Oct.&nbsp;23,
2009, we acquired 87 per cent of Canadian Hydro through the purchase of all of
their issued and outstanding shares. On Nov.&nbsp;4, 2009, we acquired the
remaining 13 per cent. The total cash consideration of the acquisition was $766
million. The results of Canadian Hydro are included in our consolidated
financial statements from Oct.&nbsp;23, 2009, when we acquired control.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian Hydro operated 694 MW of wind, hydro, and biomass
facilities in Alberta, Ontario, Quebec, and British Columbia. Canadian Hydro&#146;s
assets are highly contracted with counterparties of recognized financial
standing. On a combined basis at Dec.&nbsp;31, 2009, we have 9,199 MW of gross
generating capacity </font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;in operation
(8,775 MW net ownership interest). The combined renewables portfolio includes
more than 1,900 MW in operation, or 22 per cent of the total portfolio. In
addition, there was a combined 424 MW net under construction and over 600 MW in
advanced-stage development at Dec.&nbsp;31, 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="border:none;border-top:dotted #949D51 1.0pt;padding:1.0pt 0in 0in 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">We measure capacity as net maximum capacity (see glossary for
definition of this and other key items) which is consistent with industry
standards. Capacity figures represent capacity owned and in operation unless
otherwise stated.</font></i></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">11</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;TransAlta
Corporation</font><a name="PB_11_111355_8146"></a></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='11',FILE='C:\JMS\105939\10-4104-1\task3950187\4104-1-kn-05.htm',USER='105939',CD='Feb 24 04:41 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The
following table depicts the impact of Canadian Hydro on our consolidated
operations portfolio by geographic region and fuel type:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net Capacity Ownership Interest (MW)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Canadian</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">TransAlta</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hydro</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">TransAlta</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Western
  Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">183</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5,059</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5,242</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Eastern
  Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">511</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">707</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,218</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">International</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,315</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,315</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">694</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8,081</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8,775</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Coal</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,967</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,967</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Natural
  Gas</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,843</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,843</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Geothermal</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">164</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">164</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Wind</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">583</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">300</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">883</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Hydro</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">86</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">807</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">893</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Biomass</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">694</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8,081</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8,775</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Excluding Canadian Hydro.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following table
depicts the impact of certain Canadian Hydro financial assets and long-term
financial liabilities on our consolidated financial results:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Canadian</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">TransAlta</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hydro</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">TransAlta</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Property,
  plant, and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,289</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6,289</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7,578</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Intangible
  assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">176</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">157</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">333</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk
  management liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">78</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term
  debt, non-recourse</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">374</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">180</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">554</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:67.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Future
  income tax liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">28</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">609</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">637</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Excluding Canadian Hydro.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Sarnia Contract</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Sept. 30, 2009, we
entered into a new agreement with the Ontario Power Authority (&#147;OPA&#148;) for our
Sarnia regional cogeneration power plant. The contract is capacity based and
the term of the new agreement is from July&nbsp;1, 2009 through to the end of
2025. While the specific terms and conditions of the new agreement are
confidential, the OPA has indicated that the agreement is in line with other
similar agreements issued by the OPA.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Major
Maintenance Plans</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;20, 2009,
we announced the advancement of a major maintenance outage on Unit 3 of our
Sundance facility from the second quarter of 2010 into the second and third
quarters of 2009. The advancement of the maintenance outage took advantage of
low power prices, optimized preventative maintenance in the short-term, and is
expected to provide an economic cash benefit over the two-year period due to
improved unit availability. As a result of the change in schedule, 2009 lost
GWh increased by 396 GWh and net earnings declined by $24 million ($0.12 per
share).</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Normal
Course Issuer Bid (&#147;NCIB&#148;) Program</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;6, 2009,
we announced plans to renew our NCIB program until May&nbsp;6, 2010. We
received the approval to purchase, for cancellation, up to 9.9 million of our
common shares representing 5 per cent of our 198 million common shares issued
and outstanding as at April&nbsp;30, 2009. Any purchases undertaken will be
made on the open market through the Toronto Stock Exchange at the market price
of such shares at the time of acquisition. No purchases were made under the
NCIB in 2009.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Chief
Operating Officer</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On April&nbsp;28,
2009 we announced the appointment of Dawn Farrell to the position of Chief
Operating Officer. In this new role, Ms.&nbsp;Farrell leads our operations,
trading, development, commercial, engineering, technology, and procurement
activities. Prior to this appointment, Ms.&nbsp;Farrell was Executive Vice
President of Commercial Operations and Development.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Additionally, Richard
Langhammer, Executive Vice President of Generation Operations, took on a new
assignment as Chief Productivity Officer for the remainder of 2009 with the
responsibility for identifying strategies to create sustainable costs savings
across the Corporation. Mr.&nbsp;Langhammer formally retired at the end of 2009
after 23 years of service.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Ardenville
Wind Power Project</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On April&nbsp;28,
2009, we announced plans to design, build, and operate Ardenville, a 69 MW wind
power project in southern Alberta. The capital cost of the project is estimated
at $135 million. Included in the capital cost of the project is the purchase of
an already operational 3 MW turbine at Macleod Flats. Commercial operations of
the remainder of the Ardenville wind project is expected to commence in the
first quarter of 2011.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">12</font><a name="PB_12_115647_7906"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Sundance
Unit 4 Derate</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Feb.&nbsp;10,
2009, we reported the first quarter financial impact of an extended derate on
Unit 4 of our Sundance facility (&#147;Unit 4&#148;). The facility experienced an
unplanned outage in December&nbsp;2008 related to the failure of an induced
draft fan. At that time, Unit 4, which has a capacity of 406 MW, had been
derated to approximately 205 MW. The repair of the induced draft fan components
by the original equipment manufacturer took longer than planned, and therefore,
Unit 4 did not return to full service until Feb.&nbsp;23, 2009. As a result of
the extended derate, first quarter production and net earnings were reduced by
328 GWh and $10 million, respectively representing both lost merchant revenue
and penalties.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In response to this
event, we gave notice of a High Impact Low Probability Force Majeure Event to
the PPA Buyer and the Balancing Pool, and we paid the required penalties
related to the derate. On April&nbsp;27, 2009, the Balancing Pool rejected our
assertion that this outage should be regarded as a High Impact Low Probability
Force Majeure Event. As a result, we also record an additional charge in the
second quarter of $7 million after-tax related to this event. We settled the
issue in the third quarter and the terms of the settlement are confidential.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Keephills
Units 1 and 2 Uprates</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;29,
2009, we announced a 46 MW (23 MW per unit) efficiency uprate at Unit 1 and
Unit 2 of our Keephills facility. The total capital cost of the project is
estimated at $68 million with commercial operations of Unit 1 expected by the
end of 2011 and Unit 2 by the end of 2012.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Dividend
Increase</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;28,
2009, our Board of Directors declared a quarterly dividend of $0.29 per share
on common shares, an increase of $0.02 per share, which on an annual basis will
yield $1.16 per share versus $1.08 per share in 2008.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-style:italic;font-weight:bold;">2008</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Kent
Hills Wind Farm</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Dec.&nbsp;31,
2008, our 96 MW Kent Hills Wind Farm, which is located 30 kilometres southwest
of Moncton, New Brunswick, began commercial operations. We constructed, own,
and operate the Kent Hills facility. Total capital costs for the construction
of Kent Hills were approximately $170 million. Natural Forces Technologies Inc.
(&#147;Natural Forces&#148;) exercised their option to purchase a 17 per cent interest in
the Kent Hills project subsequent to the commencement of commercial operations.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Debentures</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On July&nbsp;31,
2008, $100 million of debentures issued by TransAlta Utilities Corporation
(&#147;TAU&#148;) were redeemed at the option of the holder of the debentures at a price
of $98.45 per $100 of notional amount. The debentures had been issued at a
fixed interest rate of 5.49 per cent, maturing in 2023, and were redeemable at
the option of the holder in 2008.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;10,
2008, $50 million of debentures issued by TAU were redeemed at a negotiated
price. The debentures were originally issued at a fixed interest rate of 5.66
per cent and were to mature in 2033.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As of Dec.&nbsp;12,
2008, TAU was no longer a reporting issuer.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009,
TAU transferred certain generation and transmission assets to a newly formed
wholly owned partnership, TransAlta Generation Partnership (&#147;TAGP&#148;), before
amalgamating with TransAlta Corporation.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Contract
Negotiations with the International Brotherhood of Electrical Workers (&#147;IBEW&#148;)</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On July&nbsp;18,
2008, being unable to reach an agreement with the IBEW representing our Alberta
Thermal and Hydro employees, the Government of Alberta approved our application
to have the matter referred to a Disputes Inquiry Board. As part of this
process, the ability of the IBEW to strike or for us to exercise a lockout was
suspended. Contract negotiations continued during this process with the
assistance of a government-appointed mediator.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Sept. 19, 2008,
the Disputes Inquiry Board concluded that union members at three of our
facilities were required to vote in accordance with the original terms of the
Memorandum of Settlement. Discussions were held with the Labour Relations Board
and the IBEW to determine a voting process and on Oct.&nbsp;17, 2008, the IBEW
membership at our Alberta Thermal and Hydro facilities reached a settlement and
voted to accept our revised offer and ratify the Memorandum of Settlement.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Genesee
3</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;10, 2008,
the Genesee 3 plant, a 450 MW joint venture with Capital Power (225 MW net
ownership interest), experienced an unplanned outage as a result of a turbine
blade failure. Capital Power, the plant operator, returned the unit to service
on Nov.&nbsp;18, 2008. As a result of the event, fourth quarter total
production was reduced by 210 GWh and gross margin decreased by $15 million.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Mexican
Equity Investment</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;8, 2008,
we successfully completed the sale of our Mexican equity investment to InterGen
Global Ventures B.V. (&#147;InterGen&#148;) for gross proceeds of $334 million (U.S.$304
million). The sale included the plants and all associated commercial
arrangements. The actual after-tax loss as a result of the sale was $62
million. The pre-tax charge of $97 million was recorded in equity loss.</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">13</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font><a name="PB_13_115647_3736"></a></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">LS
Power and Global Infrastructure</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On July&nbsp;18,
2008, we received a non-binding letter from LS Power Equity Partners, an entity
associated with Luminus Management LLC, and Global Infrastructure Partners
regarding engaging in a dialogue about a possible acquisition of TransAlta.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Aug.&nbsp;6, 2008,
the Board of Directors unanimously concluded that the proposal undervalued the
Corporation and was not in the best interest of TransAlta and its shareholders.
The Board made its determination following a detailed and comprehensive review
by a special committee of independent directors and based on advice from
financial and legal advisors.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;7, 2008,
LS Power Equity Partners and Global Infrastructure Partners announced that
their proposal set out in the letter on July&nbsp;18, 2008 had been withdrawn.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Potential
Breach of Keephills Ash Lagoon</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On July&nbsp;26,
2008, we detected a crack in the dyke wall at our Keephills ash lagoon. We
immediately notified Alberta Environment and the local authorities, and began
taking measures to control and mitigate the effects of any potential breach and
release of water from the lagoon. A series of dykes were constructed at the Keephills
ash lagoon site and the risk associated with the potential breach was
successfully mitigated.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Expansion
at Summerview</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;27, 2008,
we announced a 66 MW expansion at our Summerview wind farm located in southern
Alberta near Pincher Creek. The total capital cost of the project was $123
million and commercial operations commenced on Feb. 23, 2010. Please refer to
the subsequent Events section of this MD&amp;A.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Senior
Notes Offering</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;9, 2008,
we completed an offering of U.S.$500 million of 6.65 per cent senior notes due
in 2018. The net proceeds from the offering were used for debt repayment,
financing of our long-term investment plan, and for general corporate purposes.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Normal
Course Issuer Bid Program</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;5, 2008,
we announced plans to renew our NCIB program until May&nbsp;5, 2009. We
received the approval to purchase, for cancellation, up to 19.9 million of our
common shares representing 10 per cent of our 199 million common shares issued
and outstanding as at April&nbsp;23, 2008.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended
Dec.&nbsp;31, 2008, we purchased 3,886,400 shares (2007&#150;2,371,800 shares) at an
average price of $33.46 per share (2007&#150;$31.59 per share). Purchases were made
on the open market through the Toronto Stock Exchange at the market price of
such shares at the time of acquisition. The shares were purchased for an amount
higher than their weighted average book value of $8.95 per share (2007&#150;$8.92
per share) resulting in a reduction of retained earnings of $95 million (2007&#150;$54
million).</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Uprate
at Sundance Facility</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On April&nbsp;21,
2008, we announced a 53 MW efficiency uprate at Unit 5 of our Sundance
facility. The total capital cost of the project was approximately $77 million.
Commercial operations commenced in the fourth quarter of 2009.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Greenhouse
Gas Emissions</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">March&nbsp;31, 2008
marked the deadline for the first compliance year with Alberta&#146;s Specified Gas
Emitters Regulations for GHG reductions. Compliance was required for GHGs
emitted from the implementation date of July&nbsp;1, 2007 to Dec.&nbsp;31,
2007. Affected firms were required to reduce their emissions intensity by 12
per cent annually from an emissions baseline averaged over 2003&#150;2005. For our
operations not covered under PPAs, we complied through the delivery to
government of purchased emissions offsets, acquired at a competitive cost below
the $15 per tonne cap. For Alberta plants having PPAs, we were also responsible
for compliance, and the approach was coordinated with PPA Buyers such that a
mix of Buyer-supplied offsets and contributions to the Alberta Technology Fund
at $15 per tonne were used. The PPAs contain change-in-law provisions that
allow us to recover compliance costs from the PPA customers.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Dividend
Policy and Dividend Increase</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Feb.&nbsp;1, 2008,
the Board of Directors declared a quarterly dividend of $0.27 per share on
common shares. This represented an increase of $0.02 per share to the quarterly
dividend which on an annual basis yielded $1.08 per share versus $1.00.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On March&nbsp;25,
2008, the Board of Directors announced the adoption of a formal dividend policy
that targets to pay shareholders an annual dividend in the range of 60 to 70
per cent of comparable earnings.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Blue
Trail Wind Power Project</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Feb.&nbsp;13,
2008, we announced plans to design, build, and operate Blue Trail, a 66 MW wind
power project in southern Alberta. The capital cost of the project was $113
million. Commercial operations commenced in the fourth quarter of 2009.</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">14</font><a name="PB_14_115647_9621"></a></p>

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<div>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-style:italic;font-weight:bold;">2007</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Tax
Rate Change</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Dec.&nbsp;14,
2007, Bill C-28 received Royal Assent, lowering the federal corporate income
tax rate to 15 per cent by 2012. These are further rate reductions from the
ones included in Bill C-52, which received Royal Assent on June&nbsp;22, 2007.
A total of $48 million of future income tax benefit was recorded in 2007.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">TransAlta
Power, L.P.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Dec.&nbsp;6, 2007,
Stanley Power, an indirect wholly owned subsidiary of Cheung Kong
Infrastructure Holdings Limited, announced that it had paid for and acquired
all of the limited partnership units of TransAlta Power, L.P. at the price of
$8.38 in cash per unit. The transaction was valued at approximately $629
million. This transaction had no material impact on us.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Ottawa
Power Purchase Agreement</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;12,
2007, we signed an agreement amending our original long-term contract with the
Ontario Electricity Financial Corporation (&#147;OEFC&#148;) for the Ottawa Cogeneration
Power Plant. The agreement was entered into to ensure continued plant
operations following the expiry of long-term natural gas supply contracts. The
agreement will be in effect from Nov.&nbsp;1, 2007 until Dec.&nbsp;31, 2012.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Mexico
Tax Reform</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;1, 2007,
the Mexican government enacted law replacing the existing asset tax with a new
flat tax starting Jan.&nbsp;1, 2008. The flat tax is a minimum tax whereby the
greater of income tax or flat tax is paid. In computing the flat tax, only 50
per cent of the undepreciated tax balance of certain capital assets acquired
before Sept. 1, 2007 is deductible over 10 years. In addition, no deduction or
credit is permitted in respect of interest expense, and net operating losses
for income taxes as at Dec.&nbsp;31, 2007 cannot be carried forward to shelter
flat tax. We recorded a $28 million charge in equity losses as a result of this
change.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">NCIB
Program</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Sept. 11, 2007, we
announced an expansion of our NCIB program under which we could purchase, for
cancellation, up to 20.2 million of our common shares or approximately 10 per
cent of the 202.0 million common shares issued and outstanding as at April&nbsp;23,
2007. The 2007 NCIB program started on May&nbsp;3, 2007 and continued until
May&nbsp;2, 2008.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended
Dec.&nbsp;31, 2007, we purchased 2,371,800 shares at an average price of $31.59
per share. Purchases were made on the open market through the Toronto Stock
Exchange at the market price of such shares at the time of acquisition. This
purchase price was in excess of the weighted average book value of $8.92 per
share, resulting in a reduction to retained earnings of $54 million.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">New
Brunswick Power Purchase Agreement</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;19,
2007, we announced a 25-year contract with New Brunswick Power Distribution and
Customer Service Corporation (&#147;New Brunswick Power&#148;) to provide 96 MW of wind
power in New Brunswick (&#147;Kent Hills&#148;).</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Sundance
Unit 4 Uprate</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In December&nbsp;2007,
we completed an uprate on Unit 4 of our Sundance facility that added 53 MW of
capacity to this facility.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Greenhouse
Gas Emissions Standards</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Effective
July&nbsp;1, 2007, the <i>Climate Change and
Emissions Management Amendment Act</i> was enacted into law in Alberta.
Under the legislation, baselines and targets for GHG emissions intensity are
set on a facility by facility basis. The legislation requires a 12 per cent
reduction in carbon emission intensity over a baseline for the period 2003 to
2005, established as at Dec.&nbsp;31, 2007. New facilities or those in
operation for less than three years are exempt; however, upon the fourth year
of operations, the facility baseline is established and gradually reduces by
year of operation until the eighth year, by which emissions must be 12 per cent
below the established baseline. Emissions over the baseline are subject to a
charge that must be paid annually. The PPAs for our Alberta-based coal
facilities contain change-in-law provisions that allow us to recover most compliance
costs from our PPA customers. After flow-through, the net compliance costs were
estimated to be approximately $5 million per year until we are able to meet the
targets for GHG emissions under the Act.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Dragline
Deposit</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On June&nbsp;21,
2007, TAU entered into an agreement with Bucyrus Canada Limited and Bucyrus
International Inc. for the purchase of a dragline to be used primarily in the
supply of coal for the Keephills 3 joint venture project. The total dragline
purchase costs are approximately $150 million, with final payments for goods
and services due by July&nbsp;2010. The total payments made under this
agreement in 2007 were $18 million.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Keephills
3 Power Plant</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Feb.&nbsp;26,
2007, we announced that we would be building the 450 MW Keephills 3 coal-fired
power plant. The plant is being developed jointly by Capital Power and by us.
The capital cost of the project is expected to be approximately $1.9 billion,
including associated mine capital, and is anticipated to begin commercial
operations in the second quarter of 2011. We own a 50 per cent interest in this
unit.</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt 16.6pt;text-align:justify;text-autospace:none;text-indent:-16.55pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">15</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<b><font color="#939598" style="color:#939598;font-weight:bold;">|</font></b>&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font><a name="PB_15_115647_8715"></a></p>

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<div>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">SUBSEQUENT EVENTS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Summerview 2</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Feb. 23, 2010, our 66 MW
Summerview 2 wind farm began commercial operations on budget and ahead of
schedule. The total cost of the project was $123 million.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Kent
Hills Expansion</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;11, 2010, we announced that we had been awarded
a 25-year contract to provide an additional 54 MW of wind power to New
Brunswick Power. Under the agreement, we will expand our existing 96 MW Kent
Hills wind facility. The total capital cost of the project is estimated to be
$100 million and is expected to begin commercial operations by the end of 2010.
Natural Forces will have the option to purchase up to a 17 per cent interest in
the new operating facility upon completion.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">DISCUSSION OF SEGMENTED RESULTS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">GENERATION:</font><font size="1" face="Arial" style="font-size:8.0pt;">  <b>Owns and operates hydro, wind, geothermal, biomass,
natural gas- and coal-fired plants, and related mining operations in Canada,
the U.S., and Australia. Generation&#146;s revenues are derived from the
availability and production of electricity and steam as well as ancillary services
such as system support. At Dec.&nbsp;31, 2009, Generation had 9,199 MW of gross
generating capacity in operation (8,775 MW net ownership interest) and 424 MW
net under construction. At Dec.&nbsp;31, 2009, 1,964 MW net was renewable. For
a full listing of all of our generating assets and the regions in which they
operate, refer to the Plant Summary section of this MD&amp;A.</b></font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">During 2009, we completed the acquisition
of Canadian Hydro, which operates 694 MW of wind, hydro, and biomass facilities
in Alberta, Ontario, Quebec, and British Columbia. We also completed the uprate
on Unit 5 of our Sundance facility and the construction of the Blue Trail wind
farm in southern Alberta. Please refer to the Significant Events section of
this MD&amp;A for further details.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have strategic alliances with Stanley Power, Capital
Power, ENMAX Corporation (&#147;ENMAX&#148;), MidAmerican Energy Holdings Company
(&#147;MidAmerican&#148;), Nexen Incorporated (&#147;Nexen&#148;), and Brookfield Asset Management
Inc. (&#147;Brookfield&#148;). Stanley Power owns the minority interest in TransAlta
Cogeneration, L.P. (&#147;TA Cogen&#148;). The Capital Power alliance provided the
opportunity for us to acquire 50 per cent ownerships in both the 450 MW Genesee
3 project and the Taylor Hydro facility, as well as to build the Keephills 3
project. ENMAX and our Corporation each own 50 per cent of the partnership in
the McBride Lake wind project. MidAmerican owns the other 50 per cent interest
in CE Generation, LLC (&#147;CE Gen&#148;) and Wailuku Holding Company, LLC. Nexen and
our Corporation each have a 50 per cent ownership in the Soderglen wind
project. Brookfield owns the other 50 per cent interest in our Pingston hydro
facility.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our results are seasonal due to the nature of the
electricity market and related fuel costs. Higher maintenance costs are usually
incurred in the second and third quarters when electricity prices are expected
to be lower, as electricity prices generally increase in the winter months in
the Canadian market. Margins are also typically impacted in the second quarter
due to the volume of hydro production resulting from spring runoff and rainfall
in the Canadian and U.S. markets.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The results of the Generation segment are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:20.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:20.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:20.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Per installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Per installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Per installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,723</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">36.37</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,005</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">40.63</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,720</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">37.03</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fuel and purchased power</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,228</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(16.40</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,493</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(20.18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,231</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(16.76</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gross margin</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,495</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19.97</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,512</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20.45</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,489</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20.27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operations, maintenance, and
  administration</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">550</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7.35</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">487</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6.58</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">447</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6.08</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">453</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6.05</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">409</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.53</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">391</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.33</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Taxes, other than income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.29</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Intersegment cost allocation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">32</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.43</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.41</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.37</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operating expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,057</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14.12</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">945</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">12.78</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">885</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">12.05</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operating income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">438</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5.85</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">567</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7.67</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">604</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8.22</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Installed capacity (GWh)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">74,866</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">73,969</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">73,447</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Production (GWh)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">45,736</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48,891</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50,395</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Availability (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.06%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">85.1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">85.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">87.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis&#160; <font color="#939598" style="color:#939598;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">16</font><a name="PB_16_204312_3020"></a></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Generation
Production and Gross Margins</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Generation&#146;s production volumes, electricity and steam
production revenues, and fuel and purchased power costs are presented below
based on geographical regions.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fuel&nbsp;&amp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fuel&nbsp;&amp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Production</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">per installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">power per</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">margin per</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(GWh)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(GWh)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">power</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross margin</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">installed MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">installed MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Western Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30,443</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">46,334</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,182</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">435</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">747</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">25.51</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9.39</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">16.12</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Eastern Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,829</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8,256</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">428</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">225</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">203</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">51.84</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">27.25</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">24.59</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">International</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">11,464</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20,276</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,113</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">568</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">545</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">54.89</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">28.01</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">26.88</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">45,736</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">74,866</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,723</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,228</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,495</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">36.37</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">16.40</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19.97</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fuel&nbsp;&amp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fuel&nbsp;&amp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Production</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">per installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">power per</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">margin per</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Year ended Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(GWh)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(GWh)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">power</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross margin</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">installed MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">installed MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Western Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32,364</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">46,096</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,314</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">525</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">789</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">28.51</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11.39</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">17.12</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Eastern Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,290</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7,194</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">501</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">351</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">150</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">69.64</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48.79</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20.85</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">International</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">13,237</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20,679</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,190</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">617</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">573</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">57.55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29.84</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27.71</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48,891</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">73,969</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,005</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,493</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,512</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">40.63</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20.18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20.45</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fuel&nbsp;&amp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fuel&nbsp;&amp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Production</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">per installed</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">power per</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">margin per</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Year ended Dec.&nbsp;31, 2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(GWh)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(GWh)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Revenue</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">power</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gross margin</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">installed MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">installed MWh</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Western Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">33,398</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">45,385</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,302</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">449</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">853</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">28.69</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9.90</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18.79</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Eastern Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,775</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7,173</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">443</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">303</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">140</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61.75</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">42.19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19.56</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">International</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">13,222</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20,889</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">975</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">479</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">496</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">46.66</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22.92</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23.74</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50,395</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">73,447</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,720</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,231</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,489</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">37.03</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16.76</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20.27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Western Canada</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our Western Canada assets consist of five coal facilities,
three natural gas-fired facilities, 20 hydro facilities, 10 wind farms, and one
biomass facility with a total gross generating capacity of 5,528 MW (5,242 MW
net ownership interest). On Feb. 23, 2010, commercial operations of our 66 MW
Summerview wind farm commenced. Refer to the Subsequent Events section of this
MD&amp;A for further details. We are currently constructing a 450 MW (225 MW
net ownership interest) merchant thermal plant at our Keephills facility under
a joint venture with Capital Power, which is scheduled to enter commercial
production in 2011. We are currently performing uprates of 23 MW each on Unit 1
and Unit 2 of our Keephills facility, which are scheduled to be completed by
the fourth quarter of 2011 and 2012, respectively. We are also currently
constructing Ardenville, a wind farm in southern Alberta, and Bone Creek, a
hydro facility in British Columbia. Ardenville will have a generating capacity
of 69 MW and is scheduled to enter commercial production in 2011. Bone Creek
will have a generating capacity of 18 MW and is scheduled to enter commercial
production in 2011.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our Sundance, Keephills, and Sheerness plants, and 13 hydro
facilities operate under PPAs with a gross generating capacity of 4,083 MW
(3,888 MW net ownership interest). Under the PPAs, we earn monthly capacity
revenues, which are designed to recover fixed costs and provide a return on capital
for our plants and mines. We also earn energy payments for the recovery of
predetermined variable costs of producing energy, an incentive/penalty for
achieving above/below the targeted availability, and an excess energy payment
for power production above committed capacity. Additional capacity added to
these units that is not included in capacity covered by the PPAs is sold on the
merchant market.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our Wabamun, Genesee 3, a portion of our Poplar Creek and
Castle River facilities, four hydro facilities, and nine additional wind
facilities sell their production on the merchant spot market. In order to
manage our exposure to changes in spot electricity prices as well as capture
value, we contract a portion of this production to guarantee cash flows.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Due to their close physical proximity, three of our
coal-fired plants, Sundance, Keephills, and Wabamun, are operated and managed
collectively and are referred to as &#147;Alberta Thermal.&#148; Our Wabamun plant will
be decommissioned in the first quarter of 2010.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">McBride Lake, Meridian, Fort Saskatchewan, a significant
portion of our Poplar Creek and Castle River assets, and three hydro facilities
earn revenues under long-term contracts for which revenues are derived from
payments for capacity and/or the production of electrical energy and steam as
well as for ancillary services. These contracts are for an original term of at
least 10 years and payments do not fluctuate significantly with changes in
levels of production.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our Grande Prairie biomass facility earns revenues under
long-term contracts based on actual production delivered at a specified price
per MWh.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, production decreased
1,921 GWh due to higher planned and unplanned outages at Alberta Thermal, lower
PPA customer demand at Alberta Thermal and Sheerness, and lower hydro volumes,
partially offset by lower planned and unplanned outages at Genesee 3, and
higher wind volumes due to the acquisition of Canadian Hydro.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, production decreased 1,034 GWh due to higher
unplanned outages at Alberta Thermal and Genesee 3, partially offset by
increased merchant production resulting from the Unit 4 uprate at our Sundance
facility.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">17</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
TransAlta Corporation<a name="PB_17_204312_7748"></a></font></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Gross margin for the year ended Dec.&nbsp;31, 2009 decreased
$42 million ($1.00 per installed MWh) due to higher planned outages at Alberta
Thermal and lower hydro volumes and prices, partially offset by lower planned
and unplanned outages at Genesee 3, an adjustment to prior period indices,
lower penalties due to lower spot prices, and higher wind volumes due to the
acquisition of Canadian Hydro.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, gross margin decreased $64 million ($1.67 per
installed MWh) due to higher unplanned outages at Alberta Thermal and Genesee
3, and higher coal costs, partially offset by favourable pricing and higher
merchant volumes due to the uprate on Unit 4 of our Sundance facility.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Eastern
Canada</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our Eastern Canada assets consist of four natural gas-fired
facilities, five hydro facilities, and five wind farms with a total gross
generating capacity of 1,356 MW (1,218 MW net ownership interest). All of our
facilities in Eastern Canada earn revenue under long-term contracts for which
revenues are derived from payments for capacity and/or the production of
electrical energy and steam. Our Windsor facility also sells a portion of its
production on the merchant spot market.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, production increased
539 GWh primarily due to higher wind volumes as a result of the acquisition of
Canadian Hydro and the commissioning of Kent Hills.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, production decreased 485 GWh, primarily due to
higher planned outages and lower market heat rates at Sarnia.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, gross margins
increased $53 million ($3.74 per installed MWh) due to higher wind volumes as a
result of the acquisition of Canadian Hydro and the commissioning of Kent
Hills, and the new agreement with the OPA at our Sarnia regional cogeneration
power plant.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, gross margins were comparable to the same period in
2007.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">International</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our international assets consist of natural gas, coal,
hydro, and geothermal assets in various locations in the United States with a
generating capacity of 2,015 MW and natural gas- and diesel-fired assets in
Australia with a generating capacity of 300 MW. 385 MW of our United States
assets are operated by CE Gen, a joint venture in which we have a 50 per cent
interest.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our Centralia Thermal, Centralia Gas, Power Resources,
Skookumchuck, and two units of our Imperial Valley assets are merchant
facilities. To reduce the volatility and risk in merchant markets, we use a
variety of physical and financial hedges to secure prices received for
electrical production. The remainder of our international facilities operate under
long-term contracts.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, production decreased
1,773 GWh due to higher unplanned outages and higher economic dispatching at
Centralia Thermal, and the expiration of the long-term contract at Saranac,
partially offset by lower planned outages at Centralia Thermal. </font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, production increased 15 GWh due to lower unplanned
outages and lower derates at Centralia Thermal (in 2007 we conducted test burns
of PRB coal), partially offset by higher planned outages as a result of equipment
modifications made at Centralia Thermal and economic dispatching at Centralia
Thermal in the second quarter.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, gross margins
decreased $28 million ($0.83 per installed MWh) due to the expiration of the
long-term contract at Saranac, higher coal costs, and lower production at
Centralia Thermal, partially offset by favourable foreign exchange, favourable
pricing, and favourable mark-to-market movements.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, gross margins increased $77 million ($3.97 per
installed MWh) compared to the same period in 2007 primarily due to favourable
pricing and mark-to-market movements.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The long-term contract between our Saranac facility and New
York State Electric and Gas expired in June&nbsp;2009. The facility now
operates under a combined capacity and merchant dispatch contract. As the
facility is depreciated on a unit of production basis, there is a corresponding
$11 million decrease in depreciation expense from this lower level of
production for the year ended Dec.&nbsp;31, 2009. Further, as a portion of the
facility is owned by a third party, there is also a decrease in earnings
attributable to non-controlling interests. Therefore, the net pre-tax earnings
impact of this event is approximately $12 million for the year ended
Dec.&nbsp;31, 2009.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Operations,
Maintenance, and Administration</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, OM&amp;A expenses
increased primarily due to higher planned outages, unfavourable foreign
exchange rates, and the acquisition of Canadian Hydro, partially offset by
targeted cost savings.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, OM&amp;A expenses increased compared to the same
period in 2007 due to cost escalations and higher planned maintenance costs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Planned Maintenance</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The table
below shows the amount of planned maintenance capitalized and expensed,
excluding CE Gen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capitalized</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">115</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">125</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">78</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Expensed</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">118</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">68</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">54</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">233</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">193</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">132</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">GWh lost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,732</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,478</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,056</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Production lost as a result of
planned maintenance in the year ended Dec.&nbsp;31, 2009 increased by 254 GWh primarily
due to the uprate on Unit 5 at our Sundance facility. In 2008, production lost
increased by 1,422 GWh primarily due to the Unit 2 boiler modifications at
Centralia Thermal.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis&#160; <font color="#939598" style="color:#939598;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">18</font><a name="PB_18_204312_141"></a></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:1.0pt;">&nbsp;</font></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, total planned
maintenance costs increased compared to the same period in 2008 due to higher
planned outages across the fleet and cost escalations.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, total planned maintenance costs increased compared
to 2007 due to the Unit 2 boiler modifications at Centralia Thermal, higher
planned outages across the fleet, and cost escalations.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Depreciation Expense</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, depreciation expense
increased due to an increased asset base, unfavourable foreign exchange rates,
and the retirement of certain assets that were not fully depreciated during
planned maintenance activities, partially offset by lower production at Saranac
and the early retirement of certain components as a result of equipment modifications
made at Centralia Thermal in 2008.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, depreciation expense increased compared to 2007 due
to increased capital spending, the retirement of assets that were not fully
depreciated as a result of planned maintenance activities, and the early retirement
of certain components as a result of equipment modifications made at Centralia
Thermal.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">COMMERCIAL
OPERATIONS&nbsp;&amp; DEVELOPMENT (&#147;COD&#148;):</font><font size="1" face="Arial" style="font-size:8.0pt;">  <b>Derives revenue and earnings from the wholesale
trading of electricity and other energy-related commodities and derivatives.
Achieving gross margins while remaining within value at risk (&#147;VaR&#148;) limits is
a key measure of COD&#146;s trading activities.</b></font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">COD is responsible for the management of
commercial activities for our current generating assets. COD also manages
available generating capacity as well as the fuel and transmission needs of the
Generation business by utilizing contracts of various durations for the forward
sales of electricity and for the purchase of natural gas, coal, and
transmission capacity. Further, COD is responsible for developing or acquiring
new cogeneration, wind, geothermal, and hydro generating assets, and
recommending portfolio optimization decisions. The results of all of these
activities are included in the Generation segment.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our trading activities utilize a variety of instruments to
manage risk, earn trading revenue, and gain market information. Our trading
strategies consist of shorter-term physical and financial trades in regions
where we have assets and the markets that interconnect with those regions. The
portfolio primarily consists of physical and financial derivative instruments
including forwards, swaps, futures, and options in various commodities. These
contracts meet the definition of trading activities and have been accounted for
at fair value under Canadian GAAP. Changes in the fair value of the portfolio
are recognized in earnings in the period they occur.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">While trading products are generally consistent between
periods, positions held and resulting earnings impacts will vary due to current
and forecasted external market conditions. Positions for each region are
established based on the market conditions and the risk/reward ratio
established for each trade at the time it is transacted. Results will therefore
vary regionally or by strategy from one reported period to the next.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A portion of OM&amp;A costs incurred within COD is allocated
to the Generation segment based on an estimate of operating expenses and an
estimated percentage of resources dedicated to providing support and analysis.
This fixed fee intersegment allocation is represented as a cost recovery in COD
and an operating expense within Generation.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The results of the COD segment, with
all trading results presented net, are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gross margin</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">47</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">105</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operations, maintenance, and
  administration</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">53</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Intersegment cost allocation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(32</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operating expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operating income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">44</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">79</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, COD gross margins
decreased due to a reduction in industrial demand, gas price uncertainty, and
the change in the California market, which resulted in reduced pricing spreads
and smaller margins.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, gross margins increased due to all regions
experienced positive results in 2008, with the increase primarily attributable
to successful trading strategies involving regional power demand and price
differentials in the eastern region.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, OM&amp;A expenses
decreased due to a reduction in both discretionary expenditures and staff
compensation costs. In 2008, OM&amp;A expenses increased primarily due to
additional trading compensation as a result of increased gross margins. </font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The inter-segment cost allocations have increased slightly
in both 2009 and 2008 due to an increase in the work performed on behalf of the
Generation segment.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">NET INTEREST EXPENSE</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest on long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">183</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">177</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">171</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest income from tax settlement</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(30</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest income</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(32</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capitalized interest</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(36</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(21</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">133</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">19</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
TransAlta Corporation<a name="PB_19_204204_7056"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Net interest expense increased for the year ended Dec. 31,
2009 due to higher debt levels and lower interest income as a result of the
receipt of interest income from a tax settlement in 2008, partially offset by
lower interest rates and higher capitalized interest primarily due to the
construction of Keephills 3.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, $30 million of reported interest income reflects a
refund resulting from the receipt of a tax settlement in 2008 in connection
with outstanding tax issues related to prior periods.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec. 31, 2008, net interest expense
decreased primarily due to interest income received on the settlement of the
tax issue discussed above and higher capitalized interest, partially offset by
lower interest income from cash deposits. </font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">OTHER INCOME</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2009, we settled an outstanding commercial issue that
was recorded as a pre-tax gain of $7 million in other income as it related to
our previously held Mexican equity investment. We also recorded a pre-tax gain
of $1 million on the sale of a 17 per cent interest in our Kent Hills wind
farm.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2008, mining equipment with a net book value of $2
million related to the cessation of mining activities at the Centralia coal
mine was sold for proceeds of $7 million.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">NON-CONTROLLING INTERESTS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">We own 50.01 per cent of TA Cogen,
which owns, operates, or has an interest in five natural gas-fired and one
coal-fired generating facility with a total gross generating capacity of 814
MW. Stanley Power owns the minority interest in TA Cogen. Our CE Gen joint
venture investment includes a 75 per cent ownership of Saranac, a 320 MW
natural gas-fired cogeneration facility in New York. Natural Forces owns a 17
per cent interest in our Kent Hills facility, which operates 96 MW of wind
assets. Since we own a controlling interest in TA Cogen and Kent Hills, we
consolidate the entire earnings, assets, and liabilities in relation to our
ownership of those assets. For Saranac, we proportionately consolidate our
share of the earnings, assets, and liabilities in relation to our ownership.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Non-controlling interests on the
Consolidated Statements of Earnings and Consolidated Balance Sheets relate to
the earnings and net assets attributable to TA Cogen, Saranac, and Kent Hills
that are not owned by us. On the Consolidated Statements of Cash Flows, cash
paid to the minority shareholders of TA Cogen, Saranac, and Kent Hills is shown
as distributions paid to subsidiaries&#146; non-controlling interests in the
financing section.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The earnings attributable to non-controlling interests for
the year ended Dec.&nbsp;31, 2009 decreased due to lower earnings at CE Gen as
a result of the expiration of the long-term contract at our Saranac facility,
and lower earnings at TA Cogen.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The earnings attributable to non-controlling interests for
the year ended Dec.&nbsp;31, 2008 increased due to higher earnings at TA Cogen
and CE Gen.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">EQUITY LOSS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">As required under Accounting
Guideline 15, Consolidation of Variable Interest Entities, of the Canadian
Institute of Chartered Accountants (&#147;CICA&#148;), our previously held Mexican operations
were accounted for as an equity investment. On Oct.&nbsp;8, 2008, we
successfully completed the sale of our Mexican operations to InterGen for a
sale price of $334 million. The sale included the plants and all associated
commercial arrangements. Refer to the Significant Events section for further
details.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2008, equity loss reflected
the writedown of our Mexican equity investment in the first quarter of 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">INCOME TAXES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Income tax expense under Canadian
GAAP is based on the earnings of the period, the jurisdiction in which the
income is earned, and if there are any differences between how pre-tax income
is calculated under Canadian GAAP versus income tax law. Income tax rates and
amounts differ based upon these factors. When calculating income tax expense,
if there is a difference from when an expense or revenue is recognized under
either accounting or income tax rules, we make an estimate of when in the
future this difference will no longer be in effect and the anticipated income
tax rate at that time. These items are deductible or taxable temporary
differences. We base these tax rates upon the rates the government expects to
be in effect when these temporary differences reverse.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Therefore, when a government
announces a change in future income tax rates, it will affect the anticipated
income tax asset or liability that will appear in our financial statements.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis&#160; <font color="#939598" style="color:#939598;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">20</font><a name="PB_20_204204_5335"></a></p>

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</div>
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<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A reconciliation of income tax
expense and effective tax rates is presented below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Earnings before income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">196</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">258</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">329</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Earnings before income taxes,
  equity loss, and other income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">189</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">350</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">363</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax expense on other income</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax recovery recorded on the
  sale of our Mexican equity investment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">35</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax recovery related to tax
  positions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax recovery related to
  change in future tax rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax expense excluding equity
  loss and other items</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">72</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">82</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Effective tax rate on earnings
  before income taxes, equity loss, and other items</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;(%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">10</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">21</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;To present
comparable reconciliations, prior years&#146; effective tax rate analyses were
calculated based on earnings before income tax, equity loss, and other income.</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2008 and 2007, we settled certain taxation issues
with the associated taxation authorities. As a result, we recorded a future
income tax recovery of $15 million and $18 million, respectively, related to
these items.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As a result of a reduction in Canadian corporate income tax
rates expected to apply to future tax liabilities, income tax expense was reduced
by $5 million and $48 million in 2009 and 2007, respectively.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, we recorded a tax recovery of $35 million related
to the sale of our Mexican equity investment.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Adjusting for the items mentioned above, income tax expense
decreased for the year ended Dec.&nbsp;31, 2009 due to lower pre-tax earnings
and the recovery recorded for a change in future tax rates related to tax
liabilities recorded in prior periods, partially offset by the tax recovery
related to tax positions recorded in 2008. For the year ended Dec.&nbsp;31,
2008, the adjusted income tax expense decreased compared to 2007 due to lower
pre-tax income.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The effective tax rate on earnings before income taxes,
equity loss, and other items decreased for the years ended Dec.&nbsp;31, 2009
and 2008 primarily due to a change in pre-tax earnings and certain deductions
that do not fluctuate with earnings.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">FINANCIAL POSITION</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following chart outlines significant changes in the
Consolidated Balance Sheets from Dec.&nbsp;31, 2008 to Dec.&nbsp;31, 2009:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="38%" valign="bottom" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase/</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:38.06%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(Decrease)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:45.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Primary factors explaining change</font></b></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition
  of Canadian Hydro and the timing of operational payments</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts receivable</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(84</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Timing of
  customer receipts and lower revenues</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income taxes receivable</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(22</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Recovery of
  tax prepayments and overpayments</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Inventory</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">39</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Lower
  production, economic dispatching, and cost increases</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term receivable</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">35</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Deposit
  made with tax authorities for a dispute not expected to be settled within one
  year</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk management assets (current and
  long-term)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(53</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Price
  movements</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Property, plant, and equipment, net</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,544</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition
  of Canadian Hydro and capital additions, partially offset by depreciation
  expense and foreign exchange</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Goodwill</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">292</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition
  of Canadian Hydro</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Intangible assets</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">120</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition
  of Canadian Hydro, partially offset by amortization expense</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other assets</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">63</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition
  of Canadian Hydro, combined with new growth and productivity initiatives</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts payable and accrued
  liabilities</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(137</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Timing of
  payments and lower operational and construction expenditures</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Collateral received</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">62</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Collateral
  collected from counterparties associated with their obligations as a result
  of a change in forward prices</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt (including current
  portion)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,634</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Issuance of
  long-term debt due to the acquisition of Canadian Hydro and increased draws
  on credit facilities, partially offset by foreign exchange and maturities</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk management liabilities
  (current and long-term)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(127</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Price movements</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Asset retirement obligation
  (including current portion)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(15</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Favourable
  foreign exchange movement</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net future income tax liabilities<br>
  (including current portions)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">114</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition
  of Canadian Hydro and tax effect on the increase in net risk management
  assets</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:38.06%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Shareholders&#146; equity</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:11.28%;">
  <p align="right" style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">419</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.42%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:45.0%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Issuance of
  common shares, net earnings, and movements in AOCI, partially offset by
  dividends declared</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p style="line-height:10.0pt;margin:2.4pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">21</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
TransAlta Corporation<a name="PB_21_204204_5796"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">FINANCIAL INSTRUMENTS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial instruments are used to manage our exposure to
interest rates, commodity prices, currency fluctuations, as well as credit and
other market risks. We currently use physical and financial swaps, forward sale
and purchase contracts, futures contracts, foreign exchange contracts, interest
rate swaps and options to achieve our risk management objectives, which are
described below. Financial instruments are accounted for using the fair value
method of accounting. The initial recognition of fair value and subsequent
changes in fair value can affect reported earnings in the period the change
occurs if hedge accounting is not elected. Otherwise, these changes in fair
value will not affect earnings until the financial instrument is settled. The
fair values of those instruments that remain open at the balance sheet date
represent unrealized gains or losses and are presented on the Consolidated
Balance Sheets as risk management assets and liabilities.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have two types of financial instruments: (1)&nbsp;those
that are used in the COD and Generation segments in relation to Energy Trading
activities, commodity hedging activities, and other contracting activities and
(2)&nbsp;those used in the hedging of debt, projects, expenditures, and the net
investment in self-sustaining foreign operations. The majority of the
derivatives traded by the Corporation are not traded on an active exchange or
extend beyond the time period for which exchange-based quotes are available.
The fair values of these derivatives have been determined using valuation
techniques or models.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The majority of our financial instruments and physical
commodity contracts are recorded under normal purchase / normal sale accounting
or qualify for, and are recorded under, hedge accounting rules. As a result,
for those contracts for which we have elected hedge accounting, no gains or
losses are recorded through the Consolidated Statements of Earnings as a result
of differences between the contract price and the current forecast of future
prices. We record the changes in fair value of these contracts through the
Consolidated Statements of Other Comprehensive Income (&#147;OCI&#148;). When these
contracts are settled, the value previously recorded in OCI is reversed and we
receive the contracted cash amount for those contracts.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Under hedge accounting rules&nbsp;we test for effectiveness
at the end of each reporting period to determine if the instruments are
performing as intended and hedge accounting can still be applied. For commodity
contracts, this testing ensures that the amount of electricity we have
contracted to supply or natural gas contracted to buy is still likely to be
provided. For financial instruments related to debt and projects, this testing
ensures that the amount we have contracted to pay for long-term financing and
capital projects has remained consistent in terms of timing and amounts. All
financial instruments are designed to ensure that future cash inflows and
outflows are predictable. Where hedges are effective, that is, it is reasonable
that we will fulfill that contract without having to purchase commodities in
the market, we continue the accounting treatment described above. Where hedges
are ineffective, that is, we will be required to fulfill that contract with
commodities purchased in the market, these hedges, in total or in part, are
considered ineffective. The ineffective portion is no longer recorded as a
hedge and the changes in fair value are recorded in income and no longer
through OCI.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As well, there are certain contracts in our portfolio that
at their inception do not qualify for, or we have chosen not to elect, hedge
accounting. For these contracts we recognize mark-to-market gains and losses in
the Consolidated Statements of Earnings resulting from changes in forward
prices compared to the price at which these contracts were transacted. These
changes in price alter the timing of earnings recognition, but do not affect
the final settlement amount received. The fair value of future contracts will
continue to fluctuate as market prices change.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our financial instruments are categorized as fair value
hedges, cash flow hedges, net investment hedges or non-hedges. These categories
and their associated accounting treatments are explained in further detail
below.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Fair Value Hedges</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair value hedges are used to offset the impact of
fluctuations in the foreign currency and interest rates on various assets and
liabilities. Interest rate swaps are used to hedge exposures in the fair value
of long-term debt caused by variations in market interest rates by fixing interest
rates. Foreign exchange contracts are used to hedge certain foreign currency
denominated assets and liabilities. Based on the fair value of risk management
assets and liabilities at Dec.&nbsp;31, 2009, approximately six per cent of our
financial instruments are fair value hedges.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">All gains or losses related to fair value hedges are
recorded on the Consolidated Statements of Earnings, which, in turn, are
completely offset by the value of the gains or losses related to the hedged
risk of the debt instruments on the foreign currency denominated assets and
liabilities.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A summary of how typical fair value hedges are recorded in
our financial statements is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Comprehensive</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balance</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Event</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Sheets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cash Flows</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Enter into contract</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="padding:0in 0in 0in 0in;width:41.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Reporting date (marked-to-market)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:41.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Settle contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;Option
contracts may require an upfront cash investment.</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Cash Flow Hedges</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash flow hedges are categorized as project or commodity
hedges and are used to offset foreign exchange and commodity price exposures on
long-term projects as a result of market fluctuations. These contracts have a
maximum duration of five years. Based on the fair value of risk management
assets and liabilities at Dec.&nbsp;31, 2009, approximately 91 per cent of our
financial instruments are cash flow hedges.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis&#160; <font color="#939598" style="color:#939598;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">22</font><a name="PB_22_204204_2897"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='22',FILE='C:\JMS\105939\10-4104-1\task3950187\4104-1-kn-11.htm',USER='105939',CD='Feb 24 04:43 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Project
Hedges</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Foreign currency forward contracts are used to hedge foreign
exchange exposures resulting from anticipated contracts and firm commitments
denominated in foreign currencies. When project hedges qualify for, and we have
elected to use hedge accounting, the gains or losses related to these contracts
in the periods prior to settlement are recorded in OCI with the fair value
being reported in risk management assets or liabilities, as appropriate. Upon
settlement of the financial instruments, any gain or loss on the contracts is
included in the cost of the related asset and depreciated over the asset&#146;s
estimated useful life.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A summary of how typical project hedges are recorded in our
financial statements is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.98%;">
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.12%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.12%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.12%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Comprehensive</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balance</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:50.12%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Event</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Sheets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cash Flows</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:50.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Enter
  into contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Reporting
  date (marked-to-market)</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Roll-over
  into new contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:50.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Settle
  contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;Any ineffective portion is recorded in the
Consolidated Statements of Earnings.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Commodity
Hedges</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Physical and financial swaps, forward sale and purchase
contracts, futures contracts, foreign exchange contracts, and options are used
primarily to offset the variability in future cash flows caused by fluctuations
in electricity and natural gas prices. When commodity hedges qualify for, and
we have elected to use hedge accounting, the fair value of the hedges is
recorded in risk management assets or liabilities with changes in value being
reported in OCI, up until the date of settlement. The fair value of the
majority of our commodity hedges are calculated using adjusted quoted prices
from an active market and/or the input is validated by broker quotes. Upon
settlement of these financial instruments, the amounts previously recognized in
OCI are reclassified to net earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our physical commodity contracts are designated as
all-in-one hedges and result in a net asset or liability position on our
Consolidated Balance Sheets. Upon physical delivery of the commodity, we
receive a gross settlement at the contracted price. Upon receipt of payment,
the related net risk management asset or liability is eliminated. If an
all-in-one hedge contract cannot be settled by physical delivery of the
underlying commodity, it will be settled financially.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A summary of how typical commodity hedges are recorded in
our financial statements is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.02%;">
 <tr>
  <td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Comprehensive</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balance</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:48.62%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Event</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Sheets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cash Flows</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Enter
  into contract</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.62%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Reporting
  date (marked-to-market)</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:48.62%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Settle
  contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;Option
contracts may require an upfront cash investment.</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2 &#160;Any
ineffective portion is recorded in the Consolidated Statements of Earnings.</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During the year, the change in the position of financial
instruments to a net asset position is primarily a result of changes in future
prices on contracts in our Generation segment. Refer to the Critical Accounting
Policies and Estimates section of this MD&amp;A for further details regarding
fair valuation techniques. Our risk management profile and practices have not
changed materially from Dec.&nbsp;31, 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In limited circumstances, we may enter into commodity
transactions involving non-standard features for which market-observable data
is not available. These transactions are defined under Canadian GAAP as Level
III instruments. Level III instruments incorporate inputs that are not
observable from the market, therefore fair value is determined using valuation
techniques with inputs that are based on historical data such as unit availability,
transmission congestion, demand profiles, and/or volatilities and correlations
between products derived from historical prices. Where commodity transactions
extend into periods for which market-observable prices are not available, an
internally-developed fundamental price forecast is used in the valuation. Fair
values are validated by using reasonably possible alternative assumptions as
inputs to valuation techniques, and any material differences are disclosed in
the notes to the financial statements. At Dec.&nbsp;31, 2009, Level III
instruments had a net liability carrying value of $26 million. For the year
ended Dec.&nbsp;31, 2009, a realized gain of $1 million was included in
earnings before income taxes relating to those Level III instruments.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For both project and commodity cash flow hedges, when we do
not elect for hedge accounting, or the hedge is no longer effective and does
not qualify for hedge accounting, the gains or losses as a result of changes in
prices or exchange rates related to these financial instruments are recorded
through the Consolidated Statements of Earnings and Retained Earnings in the
period the gain or loss occurs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Net
Investment Hedges</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Cross-currency interest rate swaps, foreign currency forward
contracts, and foreign currency debts can be used to hedge exposure to changes
in the carrying values of our net investments in foreign operations having
functional currency other than the Canadian dollar. Foreign denominated
expenses are also used to assist in managing foreign currency exposures on
earnings from self-sustaining foreign operations. Based on the fair value of
risk management assets and liabilities at Dec.&nbsp;31, 2009, approximately two
per cent of our financial instruments are net investment hedges.</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">23</font><a name="PB_23_111225_7056"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b></a><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='23',FILE='C:\JMS\105939\10-4104-1\task3950187\4104-1-kn-13.htm',USER='105939',CD='Feb 24 04:44 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Since net investment hedges qualify for hedge accounting,
gains or losses related to net investment hedges are recorded in OCI until
there is a reduction in the net investment of the foreign operation. Net
investment hedges are short-term in nature related to the underlying
investment, therefore contracts must be routinely renewed. As each of the
short-term contracts mature or is settled, cash inflows or outflows result that
are recorded in investing activities on the Consolidated Statements of Cash
Flows to reconcile the difference between contracted rates and market rates at
the date of settlement. If there is a reduction in the net investment of the
foreign operation, the gains or losses previously recorded in OCI are
transferred to net earnings in that period.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A summary of how typical net investment hedges are recorded
in our financial statements is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Comprehensive</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balance</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Event</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Sheets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cash Flows</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Enter
  into contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Reporting
  date (marked-to-market)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Roll-over
  into new contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Settle
  contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Reduction
  of net investment of foreign operation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Non-Hedges</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We use natural hedges as much as possible, such as U.S.
interest rates on our U.S.-denominated long-term debt, to offset any exposures
related to changes in foreign exchange rates. Financial instruments not
designated as hedges are used to reduce currency risk on the results of our
foreign operations due to the fluctuation of exchange rates beyond what is
naturally hedged. All gains or losses related to non-hedges are recorded in the
Consolidated Statements of Earnings as they do not qualify for, nor have they
been designated for, hedge accounting. Based on the fair value of risk
management assets and liabilities at Dec.&nbsp;31, 2009, approximately one per
cent of our financial instruments are non-hedges.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A summary of how typical non-hedges are recorded in our
financial statements is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Comprehensive</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balance</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Statements of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Event</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Sheets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cash Flows</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Enter
  into contract</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Reporting
  date (marked-to-market)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Roll-over
  into new contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Settle
  contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:40.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Divest
  contract</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Wingdings" style="font-size:7.5pt;">&#252;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;Some contracts may require an initial cash
investment.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">EMPLOYEE SHARE OWNERSHIP</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We employ a variety of stock-based compensation plans to
align employee and corporate objectives. On Feb.&nbsp;1, 2008, one million
stock options were granted at an exercise price of $31.97, being the last sale
price of board lots of the shares on the Toronto Stock Exchange the day prior
to the day the options were granted for Canadian employees, and U.S.$31.83,
being the closing sale price on the New York Stock Exchange on the same date
for U.S. employees. These options will vest in equal installments over four
years starting Feb.&nbsp;1, 2009 and expire on Feb.1, 2019. The conversion of
these options is not dilutive.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Feb.&nbsp;22, 2010, we had 2.3 million outstanding
employee stock options with a weighted average exercise price of $25.01.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, 1.5 million options to purchase our
common shares were outstanding with a weighted average exercise price of
$26.36, and 0.9 million were exercisable at the reporting date. For the year
ended Dec.&nbsp;31, 2009, no options were exercised and 0.1 million options
were cancelled with a weighted average exercise price of $29.88.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2008, 1.6 million options to purchase our
common shares were outstanding with a weighted average exercise price of
$27.06, and 0.6 million were exercisable at the reporting date. For the year
ended Dec.&nbsp;31, 2008, 0.3 million options with a weighted average exercise
price of $20.52 were exercised resulting in 0.3 million shares issued, and 0.2
million options were cancelled with a weighted average exercise price of
$27.96.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Under the terms of the Performance Share Ownership Plan
(&#147;PSOP&#148;), certain employees receive grants which, after three years, make them
eligible to receive a set number of common shares or the equivalent value in
cash plus dividends based upon our performance relative to companies comprising
the comparator group. After three years, once PSOP eligibility has been
determined and if common shares are granted, 50 per cent of the common shares
are released to the participant and the remaining 50 per cent are held in trust
for one additional year. The granting of common shares under the PSOP plan is
not dilutive.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Under the terms of the Employee Share Purchase Plan, we
extend an interest-free loan to our employees below senior manager level for up
to 30 per cent of the employee&#146;s base salary for the purchase of our common
shares from the open market. The loan is repaid over a three-year period by the
employee through payroll deductions unless the shares are sold, at which point
the loan becomes due on demand. At Dec.&nbsp;31, 2009, accounts receivable from
employees under the plan totalled $3 million (2008&#150;$3 million). This program is
not available to officers and senior management.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">24</font><a name="PB_24_111320_5335"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='24',FILE='C:\JMS\105939\10-4104-1\task3950187\4104-1-kn-13.htm',USER='105939',CD='Feb 24 04:44 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">EMPLOYEE FUTURE BENEFITS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have registered pension plans in Canada and the U.S.
covering substantially all employees of the Corporation, its domestic
subsidiaries, and specific named employees working internationally. These plans
have defined benefit and defined contribution options. In Canada, there is a
supplemental defined benefit plan for Canadian-based defined contribution
members whose annual earnings exceed the Canadian income tax limit. The defined
benefit option of the registered pension plan ceased for new employees on
June&nbsp;30, 1998. The latest actuarial valuations of the registered and
supplemental pension plans were as at Dec.&nbsp;31, 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We provide other health and dental benefits to the age of 65
for both disabled members (other post-employment benefits) and retired members
(other post-retirement benefits). The last actuarial valuation of these plans
was conducted at Dec.&nbsp;31, 2007.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The supplemental pension plan is an obligation of the
corporation. We are not obligated to fund the supplemental plan but are
obligated to pay benefits under the terms of the plan as they come due. We have
posted a letter of credit in the amount of $58 million to secure the
obligations under the supplemental plan.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">STATEMENTS OF CASH FLOWS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following charts highlight significant changes in the
Consolidated Statements of Cash Flows for the year ended Dec.&nbsp;31, 2009 and
2008:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="36%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:36.5%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.28%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:40.92%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Explanation of change</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash
  and cash equivalents, beginning of year</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">50</font></b></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.28%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Provided
  by (used in):</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operating
  activities </font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">580</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,038</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Decrease in cash earnings of $99 million and
  unfavourable changes in working capital of $359 million.</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Investing
  activities </font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,598</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(581</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition of Canadian Hydro, net of cash acquired,
  for $766 million and the sale of our Mexican equity investment in 2008 for
  $332 million, partially offset by a decrease in capital spending of $102
  million and an increase in collateral received from counterparties of $87
  million.</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Financing
  activities </font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,053</font></b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.28%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(467</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in draws on credit facilities of $863
  million, increase in proceeds from issuance of long-term debt of $617
  million, increase in proceeds from issuance of common shares of $382 million,
  and the purchase of common shares under the NCIB program in 2008 of $130
  million, partially offset by a $488 million increase in the repayment of
  long-term debt.</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Translation
  of foreign currency cash</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3</font></b></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.28%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:40.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash
  and cash equivalents, end of year</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.14%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">82</font></b></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.28%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:40.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="36%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:36.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:40.66%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Explanation of change</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash
  and cash equivalents, beginning of year</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">66</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.6%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Provided
  by (used in):</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operating
  activities </font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,038</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">847</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in cash earnings of $47 million and
  favourable changes in working capital of $144 million primarily due to the
  timing of PPA receipts in 2008.</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Investing
  activities </font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(581</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(410</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Additional capital spending of $407 million, and a
  decrease in realized gains on financial instruments of $55 million, partially
  offset by proceeds from the sale of our Mexican equity investment of $332
  million.</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Financing
  activities </font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(467</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(444</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.6%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase in repayments of short-term debt of $532
  million and long-term debt of $56 million, and a $55 million increase to
  repurchase common shares under the NCIB program, partially offset by the
  issuance of $500 million of long-term debt in 2008 and the redemption of
  preferred shares of $175 million in 2007.</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Translation
  of foreign currency cash</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(8</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.6%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:40.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:36.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash
  and cash equivalents, end of year</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.24%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.34%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.6%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:40.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">25</font><a name="PB_25_111337_5796"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b></a><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='25',FILE='C:\JMS\105939\10-4104-1\task3950187\4104-1-kn-13.htm',USER='105939',CD='Feb 24 04:44 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">LIQUIDITY AND CAPITAL RESOURCES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Liquidity risk arises from our ability to meet general
funding needs, engage in trading and hedging activities, and manage the assets,
liabilities and capital structure of the Corporation. Liquidity risk is managed
by maintaining sufficient liquid financial resources to fund obligations as
they come due in the most cost effective manner.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our liquidity needs are met through a variety of sources,
including cash generated from operations, borrowings under our long-term credit
facilities, and long-term debt issued under our Canadian and U.S. shelf
registrations. Our primary uses of funds are operational expenses, capital
expenditures, dividends, distributions to non-controlling limited partners, and
interest and principal payments on debt securities. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Debt</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Recourse and non-recourse debt totalled $4.4 billion at
Dec.&nbsp;31, 2009 compared to $2.8 billion at Dec.&nbsp;31, 2008. Total
long-term debt increased from Dec.&nbsp;31, 2008 primarily due to the debt
issued during the fourth quarter of 2009 to fund the acquisition of Canadian
Hydro and growth expenditures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Credit
Facilities</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have a total of $2.1 billion of committed long-term
credit facilities of which $0.7 billion is not drawn and is available as of
Dec.&nbsp;31, 2009, subject to customary borrowing conditions. At Dec.&nbsp;31,
2009, credit utilized under these facilities is $1.4 billion, which is
comprised of actual drawings of $1.1 billion and of letters of credit of $334
million. Amounts drawn on credit facilities increased in 2009 as a result of
lower cash earnings, partially offset by an increase in collateral received in
2009, which was used to repay credit facility balances.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Beyond the cash flow generated by our business, our primary
source for short-term liquidity requirements is from our $2.1 billion of
committed credit facilities. These facilities are comprised of a $1.5 billion
committed syndicated bank facility, which matures in 2012, with the remainder
comprised of bilateral credit facilities which mature between 2011 and 2013. We
anticipate renewing these facilities, based on reasonable commercial terms,
prior to their maturities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Share
Capital</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Feb.&nbsp;22, 2009, we had 219 million common shares
outstanding.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Normal
Course Issuer Bid Program</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;6, 2009, we announced plans to renew our NCIB
program until May&nbsp;6, 2010. We received the approval from the Toronto Stock
Exchange to purchase, for cancellation, up to 9.9 million of our common shares
representing five per cent of our 198 million common shares issued and
outstanding as at April&nbsp;30, 2009. Any purchases undertaken will be made on
the open market through the Toronto Stock Exchange at the market price of such
shares at the time of acquisition.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, no shares were
purchased under the NCIB program.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Guarantee
Contracts</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have obligations to issue letters of credit and cash
collateral to secure potential liabilities to certain parties including those
related to potential environmental obligations, trading activities, hedging
activities, and purchase obligations. At Dec.&nbsp;31, 2009, we provided
letters of credit totalling $334 million (2008 &#150; $430 million) and cash
collateral of $27 million (2008 &#150; $37 million). The decrease in letters of
credit and cash collateral is due primarily to lower forward electricity prices
in the Pacific Northwest and reduced trading activity with exchanges. These
letters of credit and cash collateral secure certain amounts included on our
Consolidated Balance Sheets under &#147;Risk Management Liabilities&#148; and &#147;Asset
Retirement Obligation&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Working
Capital</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, the excess of current liabilities
over current assets is $5 million (2008 &#150; $287 million). The excess of current
liabilities over current assets decreased $282 million compared to 2008 due to
a reduction in the current portion of long-term debt, the timing of operational
commitments, and an increase in net risk management assets, partially offset by
lower revenues and an increase in collateral received from counterparties.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Capital Structure</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our capital structure consisted of
the following components as shown below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:61.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec. 31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:16.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:16.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:61.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:61.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt, net of cash and cash
  equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,360</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">56</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,758</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="padding:0in 0in 0in 0in;width:61.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">478</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">469</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:61.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Common shareholders&#146; equity</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,929</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,510</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">44</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:61.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7,767</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">100</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5,737</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">100</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">26</font><a name="PB_26_111348_2897"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

</div>
<!-- SEQ.=1,FOLIO='26',FILE='C:\JMS\105939\10-4104-1\task3950187\4104-1-kn-13.htm',USER='105939',CD='Feb 24 04:44 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Contractual repayments of fixed price
gas purchase contracts, transmission, operating leases, commitments under
mining agreements, commitments under long-term service agreements, long-term
debt and the related interest, and growth project commitments are as follows:</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fixed price</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Coal supply</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Long-term</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Interest on</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Growth</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">gas purchase</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Operating</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">and mining</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">service</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Long-term</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Long-term</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">project</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:13.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">contracts</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Transmission</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">leases</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">agreements</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">agreements</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">debt</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">debt</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(2)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;position:relative;top:-2.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">commitments</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2010</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">224</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">497</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">833</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2011</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">251</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">203</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">87</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">623</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2012</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,090</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">183</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,369</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2013</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">659</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">170</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">911</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2014</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">231</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">142</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">458</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2015 and</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:13.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">thereafter</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">38</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">56</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">269</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,203</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">600</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,209</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:13.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">61</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">49</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">102</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">512</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">96</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,463</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,522</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">598</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7,403</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1&#160; Repayments
of long-term debt include amounts related to our credit facilities that are currently
scheduled to mature in 2012 and 2013.</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2 &#160;Interest
on long-term debt is based on debt currently in place with no assumption as to
re-financing an instrument on maturity.</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">OFF-BALANCE SHEET ARRANGEMENTS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Disclosure is required of all off-balance sheet arrangements
such as transactions, agreements or contractual arrangements with
unconsolidated entities, structured finance entities, special purpose entities
or variable interest entities that are reasonably likely to materially affect
liquidity or the availability of, or requirements for, capital resources. We
currently have no such off-balance sheet arrangements.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CLIMATE CHANGE AND THE ENVIRONMENT</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">The varieties of combustible fuels
used to generate electricity all have some impact on the environment. While we
are pursuing a climate change strategy that includes, among other elements,
investing in renewable energy resources such as wind and hydro, we believe that
coal and natural gas as fuels will continue to play an important role in
meeting the energy needs of the future. We place significant importance on
environmental compliance while seeking to deliver low cost electricity.</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Ongoing
and Recently Passed Environmental Legislation</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">While we continue to pursue clean coal and other
technologies to reduce the impact of our power generating activities upon the
environment, changes in current environmental legislation do have, and will
continue to have, an impact upon our business.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Canada</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In December&nbsp;2009, the Copenhagen Accord (&#147;The Accord&#148;)
on climate change was negotiated and announced. The Accord is not binding nor
does it stipulate a global target for GHG reductions, but rather countries are
left to determine their individual targets and policies to manage emissions.
The federal government&#146;s previously-announced goal of a 17 per cent GHG
reduction from a 2005 baseline by 2020 remains the target. However, the federal
government has not yet implemented a framework or regulations to achieve those
goals. At this point, it appears that the details and schedule of the Canadian
program will depend on the development and direction of the U.S. approach.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Separately, the Government of Canada announced its intent to
develop new Canadian air pollutant requirements for sulphur dioxide, nitrogen
oxide (&#147;NO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">x</font><font size="1" face="Arial" style="font-size:8.0pt;">&#148;), and mercury. Stakeholder
consultations involving industry, provincial and federal governments, and
environmental organizations are underway; however there is currently no defined
date for the finalization and implementation of any recommendations.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Dec.&nbsp;1, 2009, the Government of Ontario released its
mandatory GHG reporting regulation, requiring industrial facilities with more
than 25,000 tonnes of carbon dioxide (&#147;CO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">2</font><font size="1" face="Arial" style="font-size:8.0pt;">&#148;) emissions per
year to report annually. The first reporting deadline for 2010 emissions is
June&nbsp;2011. This regulation is intended to lay the groundwork for an
Ontario-based GHG regulatory framework to be implemented in 2010.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Alberta continues to maintain its GHG regulatory regime
which requires reductions of 12 per cent in emission intensity from a 2003-2005
average baseline. The PPAs for our Alberta-based coal facilities contain
change-in-law provisions that allow us to recover these compliance costs from
our PPA customers. For 2009, after flow-through, our annual net GHG compliance
costs are less than $4 million (2008&#150;less than $2 million). We continue to
examine compliance options, including additions to our offsets portfolio to
minimize our compliance risk beyond the expiration of our PPAs.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">United
States</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The American Clean Energy and Security Act was passed in
June&nbsp;2009, which established a cap and trade system designed to achieve a
17 per cent reduction in GHG emissions by 2020. There is significant
uncertainty regarding the form and schedule of legislation that will be
developed as a result of the cap and trade system designed, or if legislation
will even emerge in 2010.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Meanwhile, the U.S. Environmental Protection Agency (&#147;EPA&#148;)
is pursuing a separate path to regulate GHGs under the Clean Air Act. In
November&nbsp;2009, the U.S. courts upheld the endangerment finding which
determines that CO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">2</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;is a pollutant and therefore able to be
regulated by the EPA under the Clean Air Act. How and when a legislative option
will develop versus the EPA regulatory approach is uncertain. In
September&nbsp;2009, the EPA separately announced requirements for nationwide GHG
reporting beginning in 2010.</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">27</font><a name="PB_27_115643_5335"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b></a><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In Washington State in May&nbsp;2009, Governor Gregoire
signed an Executive Order laying out the state&#146;s plan for addressing climate
change related emissions. In the Order the Governor included a directive to the
State Department of Ecology to work with us to apply the state&#146;s GHG
performance standard for power generation to the Centralia plant no later than
2025. That standard would require emissions reductions of approximately 0.5
tonnes/MWh, or about half of what is currently emitted at Centralia.
Exploratory discussions are underway with the Department of Ecology to examine
opportunities to achieve this reduction in emissions. At this time it is not
clear how the state&#146;s target and timeframe will endure should federal GHG
legislation come into effect.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Also, in Washington State since September, there has been a
public process to review a draft agreement between us and the state regarding
our voluntary initiative to reduce NO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">x</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;and mercury emissions from the Centralia
plant. Specifically, we have proposed to:</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.5pt;">n</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Control&nbsp;NO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">x</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;emissions to a maximum of 0.24&#160; lbs/million Btus of fuel input, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.5pt;">n</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Reduce
mercury emissions by 50 per cent from current levels</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">It is expected that Washington State will issue its final
determination in the spring of 2010.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Legal
Implications</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">There are currently no ongoing legal actions as a result of
environmental legislation.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">TransAlta
Activities</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We believe that climate change has the potential to impact
the business environment in which we operate. Reducing the environmental impact
of our activities has a benefit not only to our operations and financial
results, but also to the communities in which we operate. We expect that
increased scrutiny will be placed on environmental emissions and compliance,
and we therefore have a proactive approach to minimizing risks to our results.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our environment management programs encompass several
elements:</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.5pt;">n</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; construction of renewable power sources;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.5pt;">n</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; environmental controls and efficiency
improvements;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.5pt;">n</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; active participation in policy
discussions;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.5pt;">n</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; clean energy technology development
including CCS; and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.5pt;">n</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; investment in an offsets portfolio.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Renewable
Power</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In addition to our acquisition of Canadian Hydro, our
investment in renewable power sources continues through the building of
renewable power resources such as the Summerview 2, Kent Hills, and Ardenville
wind farms. An increased renewable portfolio provides increased flexibility in generation
and creates incremental environmental value through renewable energy
certificates or, in future, offsets.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Environmental
Controls and Efficiency</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We continue to make operational improvements and investments
to our existing generating facilities to reduce the environmental impact of
generating electricity. We are installing mercury control equipment at our
Alberta Thermal operations in 2010 in order to meet the province&#146;s 70 per cent
reduction objectives. Our new Keephills 3 plant will use supercritical
combustion technology to maximize thermal efficiency, as well as sulphur
dioxide capture and low NO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">x</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;combustion technology.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The PPAs for our Alberta-based coal facilities contain
change-in-law provisions that allow us the opportunity to recover capital and
operating compliance costs from our PPA customers.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Policy
Participation</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We are active in policy discussions at a variety of levels
of government. These stakeholder negotiations have allowed us to engage in
proactive discussions with governments and industry participants to meet
environmental requirements over the longer-term.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">CCS
Development</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;14, 2009, the governments of Canada and Alberta
announced that Project Pioneer, our CCS project, received committed funding of
more than $750 million. This funding is provided as part of the Government of
Canada&#146;s $1 billion Clean Energy Fund and the Government of Alberta&#146;s $2
billion CCS initiative. The funding will support the undertaking of a FEED
study that is expected to be complete in 2010 or early 2011. Once built, the
prototype plant will be one of the largest CCS facilities in the world and the
first to have an integrated underground storage system. The project will pilot
Alstom Canada&#146;s proprietary chilled ammonia carbon capture technology and will
be designed to capture one megatonne of CO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">2</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;at one of our Alberta Thermal units. The CO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">2</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;will be used for enhanced oil recovery as well
as injected into a permanent geological storage site.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In addition, we look to advance other clean energy technologies
through organizations such as the Canadian Clean Coal Power Coalition which
examines emerging clean combustion technologies such as gasification. We are
also part of a group of companies participating in the Integrated CO</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:1.0pt;">2</font><font size="1" face="Arial" style="font-size:8.0pt;">&#160;Network to develop carbon capture and storage
systems and infrastructure for Canada.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Offsets
Portfolio</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta maintains an offset portfolio with a variety of
instruments than can be used for compliance purposes or otherwise banked or
sold. We continue to examine additional emission offset opportunities that also
allow us to meet emission targets at a competitive cost. We ensure that any
investments in offsets will meet certification criteria in the market in which
they are to be used.</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">28</font><a name="PB_28_115907_5796"></a></p>

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<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Future
Growth</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, we estimate that 40 million tonnes of GHGs with an
intensity of 0.900 tonnes/MWh (2008&#150;38.5 million tonnes of GHGs with an
intensity of 0.893 tonnes/MWh) were emitted as a result of normal operating
activities</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">(1)</font><font size="1" face="Arial" style="font-size:8.0pt;">. Total GHG emissions increased in
2009 largely due to more dispatch variability at our Alberta Thermal operations
leading to slightly lower combustion efficiencies. New generation growth and
the related increase in emissions will be partially offset by the
decommissioning of Unit 4 at our Wabamun plant. The various activities
discussed above, including our investment in renewable power and CCS
technology, are designed to minimize the environmental and financial impacts of
the expected increase in emissions.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our Board of Directors continues to monitor the results of
our reduction efforts and future reduction plans to ensure we are compliant
with existing environmental regulations and to ensure that we will be compliant
with future legislation.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">2010 OUTLOOK</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-style:italic;font-weight:bold;">BUSINESS ENVIRONMENT</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Power
Prices</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2010, power prices are expected to remain at or slightly
above 2009 levels due to the influence of low natural gas prices and minimal
demand growth. In the Alberta market, the longer-term fundamentals of the
market remain strong and the recovery of the oil sands is expected to drive
load growth. In the Pacific Northwest, the recovery of natural gas prices is
the main driver behind the recovery of power prices. Natural gas prices are expected
to remain low until 2011.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Environmental
Legislation</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The state of development of environmental regulations in
both Canada and the U.S. remains fluid. Canada has expressed its plan to
coordinate the timing and structure of its regulatory framework with the U.S.
In the U.S., it is not clear if climate change legislation will prevail or if
instead regulation will be applied by the EPA. Each of these outcomes could
create widely different results for the energy industry in the U.S., and
indirectly for Canada&#146;s regulatory approach.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We continue to closely monitor the progress and risks
associated with environmental legislation changes on our future operations.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Economic
Environment</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">While we do expect our results from operations in 2010 to be
impacted by the current economic environment, we expect that this impact will
be somewhat mitigated by the contracted production and prices through our PPAs
and other long-term contracts.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A number of our financial and industrial counterparties have
experienced credit rating downgrades and we expect 2010 will continue to be
challenging for some of our counterparties. While we had no counterparty losses
in 2009, we continue to monitor counterparty credit risk and act in accordance
with our established risk management policies. We do not anticipate any
material change to our existing credit practices and continue to deal primarily
with investment grade counterparties.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-style:italic;font-weight:bold;">OPERATIONS</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Capacity,
Production, and Availability</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Generating capacity is expected to increase in 2010 due to
the commissioning of Summerview 2 and Kent Hills 2. Overall production and
availability for 2010 is expected to increase compared to 2009 due to lower
planned and unplanned outages across the fleet, and the acquisition of Canadian
Hydro. Overall fleet availability for 2010 is expected to be approximately 90
per cent.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Commodity
Hedging</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Through the Alberta PPAs and our other long-term contracts,
approximately 75 per cent of our capacity is contracted over the next seven
years. To provide further stability to future earnings, we enter into physical
and financial contracts for periods of up to five years. As a result of the
acquisition of Canadian Hydro, we also have various contracts with terms that
extend beyond five years. Under this strategy, we target being up to 90 per
cent contracted for the upcoming year, stepping down to 70 per cent in the
fourth year. Approximately 89 per cent of our 2010 capacity is contracted with
the average contracted price of $60&#150;$65/MWh in Alberta and U.S.$50&#150;$55/MWh in
the Pacific Northwest.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="line-height:10.5pt;margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2009 data are estimates based on
best available data at the time of report production. GHGs include water
vapour, CO</font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;position:relative;top:1.0pt;">2 </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">, methane, nitrous oxide,
hydrofluorocarbons, and perfluorocarbons. The majority of our estimated GHG
emissions are comprised of CO</font></i><i><font size="1" face="Arial" style="font-size:3.0pt;font-style:italic;position:relative;top:1.0pt;">2 </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">.</font></i></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">29</font><a name="PB_29_120004_2897"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b></a><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font></p>

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<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Fuel
Costs</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Mining coal in Alberta is subject to cost increases due to greater
overburden removal, inflation, capital investments, and commodity prices. Seasonal
variations in coal costs at our Alberta mines are minimized through the
application of standard costing. Coal costs for 2010, on a standard cost basis,
are expected to increase five to 10 per cent compared to the prior year as a
result of depreciation due to mine capital and higher diesel costs.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fuel at Centralia Thermal is purchased from external
suppliers in the Powder River Basin and delivered by rail. The delivered cost
of fuel for 2010 is expected to be consistent with 2009.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We purchase natural gas from outside companies coincident
with production or have it supplied by our customers, thereby minimizing our
risk to changes in prices. The continued success of unconventional gas
production in North America is expected to reduce the year to year volatility
of prices going forward and may lead to greater opportunities to hedge our
natural gas price exposure with longer term contracts.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2010, approximately 20 per cent of our fuel at our
natural gas-fired facilities and seven per cent of our fuel at our coal-fired
facilities is exposed to market fluctuations in energy commodity prices. We
closely monitor the risks associated with changes in electricity and input fuel
prices on our future operations and, where we consider it appropriate, use
various physical and financial instruments to hedge our assets and operations
from such price risk.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Operations,
Maintenance, and Administration Costs</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">OM&amp;A costs per MWh of installed capacity fluctuate by
quarter and are dependent on the timing and nature of maintenance activities.
OM&amp;A costs for 2010 are expected to remain flat compared to 2009 as costs
related to Canadian Hydro are expected to be offset by lower planned
maintenance, our operational synergies, and productivity measures. OM&amp;A
costs per installed MWh for 2010 are expected to decrease primarily as a result
of lower planned maintenance and an increase in installed capacity due to the
acquisition of Canadian Hydro.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Energy
Trading</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings from our COD segment are affected by prices in the
market, positions taken, and the duration of those positions. We continuously
monitor both the market and our exposure to maximize earnings while still
maintaining an acceptable risk profile. Our 2010 objective is for Energy
Trading to contribute between $50 million and $70 million in gross margin.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Exposure
to Fluctuations in Foreign Currencies</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our strategy is to minimize the impact of fluctuations in
the Canadian dollar against the U.S. dollar by offsetting foreign denominated
assets with foreign denominated liabilities and foreign exchange contracts. We
also have foreign currency expenses, including interest charges, which are used
to largely offset our net foreign currency-denominated earnings.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Net
Interest Expense</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Net interest expense for 2010 is expected to be higher
mainly due to higher debt balances and lower interest income. However, changes
in interest rates and in the value of the Canadian dollar to the U.S. dollar
will affect the amount of net interest expense incurred.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Liquidity
and Capital Resources</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">If there is increased volatility in power and natural gas
markets, or if market trading activities increase, there may be the need for
additional liquidity. To mitigate this liquidity risk, we expect to maintain
$2.1 billion of committed credit facilities, and will monitor our exposures and
obligations to ensure we have sufficient liquidity to meet our requirements.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Accounting
Estimates</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A number of our accounting estimates, including those
outlined in the Critical Accounting Policies and Estimates section of this
MD&amp;A, are based on the current economic environment and outlook. While we
do not anticipate significant changes to these estimates as a result of the
current economic environment, market fluctuations could impact, among other
things, future commodity prices, foreign exchange rates, and interest rates,
which could, in turn, impact future earnings and the unrealized gains or losses
associated with our risk management assets and liabilities. The unrealized
gains or losses related to our risk management assets and liabilities are not
expected to impact our cash flows as they are generally settled at contracted
prices.</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">30</font><a name="PB_30_120018_3020"></a></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-style:italic;font-weight:bold;">CAPITAL EXPENDITURES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our major projects
are focused on sustaining our current operations and supporting our growth
strategy.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Growth Capital Expenditures</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, we
successfully completed two of our growth capital projects, Blue Trail and the
Sundance Unit 5 uprate. We have nine significant growth capital projects that
are currently in progress with targeted completion dates between Q4 2010 and Q4
2012.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A summary of each of
these significant projects is outlined below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:6.0pt;">Total Project</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2009</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Target</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Estimated</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Incurred</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Actual</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Estimated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">completion</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Project</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">spend</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">to date</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">spend</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">spend</font><font size="1" face="Arial" style="font-size:3.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">date</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">Details</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A 450 MW (225 MW net ownership interest)
  supercritical coal-fired plant and associated mine capital in a partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Keephills
  3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">988</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">707</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">231</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">225&#150;245</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Q2
  2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">with Capital Power</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Completed</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A 66 MW wind farm in southern</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Blue
  Trail</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">113</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">113</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">87</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">in
  Q4 2009</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Alberta</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Completed</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A 53 MW efficiency uprate at our</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Sundance
  Unit 5 uprate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">77</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">77</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">60</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">in
  Q4 2009</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Sundance facility</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Completed</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A 66 MW expansion of our Summerview</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Summerview
  2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">123</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">106</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">81</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">15&#150;25</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">in
  Q1 2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">wind farm in southern Alberta</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A 23 MW efficiency uprate at our</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Keephills
  Unit 1 uprate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5&#150;10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Q4
  2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Keephills facility</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A 23 MW efficiency uprate at our</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Keephills
  Unit 2 uprate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0&#150;5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Q4
  2012</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Keephills facility</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Ardenville</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">135</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">95&#150;105</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Q1
  2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A 69 MW wind farm in southern Alberta</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">An 18 MW hydro facility in</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Bone
  Creek</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">40&#150;45</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Q1
  2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">British Columbia</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A 54 MW expansion of our wind farm</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Kent
  Hills 2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">80&#150;85</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Q4
  2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">in New Brunswick</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total growth</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,652</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,054</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">510</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">460&#150;520</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;Amounts are shown net of joint
venture contributions.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Prior to our
acquisition of Canadian Hydro, $23 million of costs were incurred in respect of
Bone Creek, which do not form part of our total project cost.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Sustaining Capital Expenditures</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For 2010, our estimate
for total sustaining capital expenditures, net of any contributions received,
is allocated among the following:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Incurred
  in</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Expected</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Category</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="46%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Description</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">cost</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Routine
  capital</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Expenditures to maintain our existing
  generating capacity</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">158</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">120&#150;140</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Productivity
  capital</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Projects to improve power production
  efficiency</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">44</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">10&#150;15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Mining
  equipment and land purchases</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Expenditures related to mining
  equipment and land purchases</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">42</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25&#150;30</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Centralia
  modifications</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="bottom" style="padding:0in 0in 0in 0in;width:46.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Capital project to convert to
  external coal</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">21</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Planned
  maintenance</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Regularly scheduled major maintenance</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">115</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">140-155</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total
  sustaining expenditures</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">380</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">295&#150;340</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Details of the 2010
planned maintenance program are outlined as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Expected</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Coal</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Gas</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">Renewables</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.0pt;">cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capitalized</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">70&#150;75</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">45&#150;50</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25-30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">140&#150;155</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Expensed</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">60&#150;65</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0&#150;5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">60&#150;70</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">130&#150;140</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">45&#150;55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25&#150;30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">200&#150;225</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Coal</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Gas</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Renewables</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">GWh lost</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,770&#150;1,780</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">360&#150;370</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,130&#150;2,150</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" color="#06a4e4" face="Arial" style="color:#06A4E4;font-size:7.0pt;">31&#160;
</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|&#160; </font></b><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation<a name="PB_31_204247_3020"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Financing</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Financing for these
capital expenditures is expected to be provided by cash flow from operating
activities, existing borrowing capacity, and capital markets. The funds
required for committed growth and sustaining projects are not expected to be
impacted by the current economic environment due to the highly contracted
nature of our cash flow, our solid financial position, and the amount of
capital available to us under existing committed credit facilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">RELATED PARTY TRANSACTIONS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009,
TAU and TransAlta Energy Corporation (&#147;TEC&#148;) transferred certain generation and
transmission assets to a newly formed internal partnership, TAGP, before
amalgamating with TransAlta Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Dec.16, 2006,
predecessors of TAGP, a firm owned by the Corporation and one of its
subsidiaries, entered into an agreement with the partners of the Keephills 3
joint venture project to supply coal for the coal-fired plant. The joint
venture project is held in a partnership owned by Keephills 3 Limited
Partnership (&#147;K3LP&#148;), a wholly owned subsidiary of the Corporation, and Capital
Power. TAGP will supply coal until the earlier of the permanent closure of the
Keephills 3 facility or the early termination of the agreement by TAGP and the
partners of the joint venture. As at Dec.&nbsp;31, 2009, TAGP had received $51
million from K3LP for future coal deliveries. Commercial operation of the
Keephills plant is scheduled to commence in the second quarter of 2011. Payments
received prior to that date for future coal deliveries are recorded in deferred
revenues and will be amortized into revenue over the life of the coal supply
agreement when TAGP starts delivering coal for commissioning activities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">CE Gen has entered
into contracts with related parties to provide administrative and maintenance
services. The total value of these contracts are U.S.$3 million per year for
the years ending Dec.&nbsp;31, 2009 and 2010.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the period
November&nbsp;2002 to November&nbsp;2012, one of our subsidiaries, TA Cogen,
entered into various transportation swap transactions with TAGP. TAGP operates
and maintains TA Cogen&#146;s three combined-cycle power plants in Ontario and a
plant in Fort Saskatchewan, Alberta. TAGP also provides management services to
the Sheerness thermal plant, which is operated by Canadian Utilities Limited.
The business purpose of these transportation swaps is to provide TA Cogen with
the delivery of fixed price gas without being exposed to escalating costs of
pipeline transportation for three of its plants over the period of the swap.
The notional gas volume in the swap transactions is equal to the total
delivered fuel for each of the facilities. Exchange amounts are based on the
market value of the contract. We entered into an offsetting contract and
therefore have no risk other than counterparty risk.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">RISK MANAGEMENT</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Our business activities expose us to a wide variety of risks. Our goal is
to manage these risks so that we are reasonably protected from an unacceptable
level of earnings or financial exposure while still enabling business
development. We use a multi-level risk management oversight structure to manage
the risks arising from our business activities, the markets in which we
operate, and the political environments and structures with which we interface.
As evidence of our dedication to excellent risk management and corporate
governance, we were awarded both the Private Sector and Overall Conference
Board of Canada/ Spencer Stuart National Award in Governance in 2009. For a further
description of the following risk factors, refer to the Risk Factors section of
our 2009 Annual Information Form.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The responsibilities
of various stakeholders of our risk management oversight structure are
described below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">THE BOARD OF DIRECTORS</font><font size="1" face="Arial" style="font-size:8.0pt;">
provides stewardship of the Corporation, establishes policies and procedures,
defines risk tolerance as established under the Toronto Stock Exchange
corporate governance guidelines, and receives an annual comprehensive
Enterprise Risk Management (&#147;ERM&#148;) review. The ERM reviews consist of a
holistic view of the Corporation&#146;s inherent risks, how we mitigate these risks,
and residual risks. It defines our risks, discusses who is responsible to
manage each risk, how the risks are inter-related with each other, and
identifies the applicable risk metrics. The Board of Directors also examines
the ERM review in order to fulfill its requirement to understand the key risks
of the Corporation and directs management to address any risk levels with which
it believes are not optimal for shareholder value creation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">AUDIT AND RISK
COMMITTEE (&#147;ARC&#148;)</font><font size="1" face="Arial" style="font-size:8.0pt;"> established by
the Board of Directors, provides assistance to the Board of Directors in
fulfilling its oversight responsibility relating to the integrity of our
financial statements and the financial reporting process, the systems of
internal accounting and financial controls, the internal audit function, the
external auditors&#146; qualifications, terms and conditions of appointment,
including remuneration, independence, performance and reports, and the legal
and risk compliance programs as established by management and the Board of
Directors. The ARC approves our Commodity Risk and Financial Exposure
Management policies and reviews quarterly ERM reporting.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">EXPOSURE MANAGEMENT
COMMITTEE (&#147;EMC&#148;)</font><font size="1" face="Arial" style="font-size:8.0pt;"> is chaired by
our Chief Financial Officer and is comprised of the Chief Operating Officer,
Vice-President and Treasurer, Vice-President of Finance and Controller,
Vice-President Financial Operations, Vice-President Risk Management,
Vice-President Commercial Operations, and Managing Director of Trading. The EMC
is responsible for reviewing, monitoring, and reporting on our compliance with
approved financial and commodity risk exposure management policies.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">TECHNICAL RISK AND
COMMERCIAL TEAM (&#147;TRACT&#148;)</font><font size="1" face="Arial" style="font-size:8.0pt;">
is a committee chaired by the Vice-President, Project Management Office, and is
comprised of our financial and operations vice presidents. It reviews major
projects and commercial agreements at various stages through development, prior
to submission for executive and Board approval.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis</font><font size="1" style="font-size:6.5pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">32<a name="PB_32_204247_7748"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">CORPORATE TREASURY</font><font size="1" face="Arial" style="font-size:8.0pt;"> is responsible for the identification, management,
monitoring, and reporting of financial risks, including: interest rate, foreign
exchange, credit, liquidity, and insurable risks. The objective of Corporate
Treasury is to maintain a strong financial position and a low cost of capital
by sustaining a well capitalized balance sheet, mitigating earnings volatility,
and maintaining ready access to capital markets. Our risk management policy
requires that there be sufficient resources and training available to fulfill
these objectives, including maintaining segregation of duties, all in
accordance with risk management best practices.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">RISK MANAGEMENT</font><font size="1" face="Arial" style="font-size:8.0pt;"> is staffed by experienced risk professionals who are
responsible for ERM reporting to the Board and ARC, participating in risk
identification, analysis, and reporting in major projects, analyzing commercial
and environmental risk exposures in our assets and trading operations, as well
as ensuring our daily market price exposure is kept within approved risk
metrics, including VaR, position limits, term limits, and market limits. The
Risk Management group uses a variety of processes and models to perform this
analysis.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-style:italic;font-weight:bold;">RISK CONTROLS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our risk controls
have several key components:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Enterprise
Tone</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Every corporate
culture is unique. We strive to be more than unique by fostering beliefs and
actions that are true to and respectful of our many stakeholders. We do this by
investing in communities where we live and work, operating and growing
sustainability, putting safety first, and being responsible to the many groups
and individuals with whom we work.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Policies</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We maintain a set of
enterprise-wide policies that have been established to address key risks. These
policies establish delegated authorities and limits for business transactions,
as well as allow for an exceptional approval process. We perform periodic
reviews and audits to ensure compliance with these policies.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Reporting</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We regularly report
risk exposures to key decision makers including the Board of Directors, senior
management, and the EMC. This reporting to the EMC includes analysis of new
risks, existing risk exposures, events that can affect these risks, and
recommendations for any suggested course of action to mitigate the existing
level of risk. This monthly reporting provides for effective and timely risk
management and oversight.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Whistleblower
System</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have a system in
place where employees, shareholders, or other stakeholders may report any
potential ethical concerns. These concerns can be submitted anonymously, either
directly to the ARC or to the Vice-President Internal Audit, who engages
Corporate Security, Legal and Human Resources in determining the appropriate
course of action. These concerns and any actions taken are discussed with the
ARC.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Value
at Risk and Trading Positions</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">VaR is the most
commonly used metric employed to track the risk of trading positions. A VaR
measure gives, for a specific confidence level, an estimated maximum loss over
a specified period of time.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">VaR is the primary
measure used to manage COD&#146;s exposure to market risk resulting from trading
activities. VaR is monitored on a daily basis, and is used to determine the
potential change in the value of our marketing portfolio over a three-day
period within a 95 per cent confidence level resulting from normal market
fluctuations. Stress tests are performed weekly on both earnings and VaR to
measure the potential effects of various market events that could impact
financial results, including fluctuations in market prices, volatilities of
those prices and the relationships between those prices. The three day average
VaR for the year ending Dec.&nbsp;31, 2009 was $3 million compared to $6
million for the same period in 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We estimate VaR using
the historical variance/covariance approach. Currently, there are two accepted
energy industry methodologies for estimating VaR: historical variance/covariance
and monte carlo. An inherent limitation of historical variance/covariance VaR
is that historical information used in the estimate may not be indicative of
future market risk. See additional discussion under commodity price risk in the
Risk Management section of this MD&amp;A.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="2" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:9.5pt;font-style:italic;font-weight:bold;">RISK FACTORS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Risk is inherent in
all business activities and can never be entirely eliminated. However,
shareholder value can be protected and enhanced by identifying, mitigating,
monitoring, reporting, and where possible, insuring against these risks.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following section
addresses some, but not all, risk factors that could affect our future results
and our activities in mitigating those risks. These risks do not occur in
isolation, but must be considered in conjunction with each other.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Certain sections will
show the after-tax effect on net earnings and/or cash flows of changes in
certain key variables. The analysis is based on business conditions and
production volumes in 2009. Each item in the sensitivity analysis assumes all
other potential variables are held constant. While these sensitivities are
applicable to the period and magnitude of changes on which they are based, they
may not be applicable in other periods, under other economic circumstances, or
for a greater magnitude of changes.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">33&#160;
</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|&#160; </font></b><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation<a name="PB_33_204247_141"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Volume Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Volume risk relates
to the variances from our expected production. Where we are unable to produce
sufficient quantities of output in relation to contractually specified volumes,
we may be required to pay penalties or purchase replacement power in the
market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our hydro operations&#146;
financial performance is partially dependent upon the availability of water in
a given year. The availability of water is difficult to forecast as it is
primarily driven by weather. Such water availability introduces a degree of
volatility in revenues earned by our hydro operations from year to year. This
risk is complicated by obligations imposed within the PPA applicable to our
Alberta hydro facilities. A monthly financial obligation must be paid to the
PPA Buyer, based on a predetermined quantity of energy and ancillary services
at market prices, regardless of our ability to generate such quantities. We
carefully balance all of these factors together to achieve optimal productivity
with the water resources available.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our wind and
geothermal operations are dependant upon the availability of wind and
geothermal resources.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage these risks
by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">actively managing our assets and their condition through the
Generation and Capital and Asset Reporting groups in order to be proactive in
plant maintenance so that they are available to produce when market requires,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">monitoring water resources throughout Alberta to the best of
our ability and optimizing this resource against real-time electricity market
opportunities,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">placing our wind and geothermal facilities in locations that
we believe to have sufficient resources in order for us to be able to generate
sufficient electricity to meet the requirements of our contracts.&#160; However, we cannot guarantee that these
resources will be available when we need them or in the quantities that we
require, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">monitoring market volumes and liquidity to ensure sufficient
volumes are available to fulfill proprietary trading requirements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The
sensitivities of volumes to our net earnings are shown below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="bottom" style="padding:0in 0in 0in 0in;width:64.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Approximate
  impact</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Factor</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase
  or decrease (%)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">on
  net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Availability/production</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Generation
Equipment and Technology Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our plants are
exposed to operational risks such as fatigue cracks in boilers, corrosion in
boiler tubing, turbine failures, and other issues that can lead to outages and
increased volume risk. If plants do not meet availability or production targets
specified in their PPA or other long-term contracts, we must either compensate
the purchaser for the loss in the availability of production or record reduced
electrical or capacity payments. For merchant facilities, an outage can result
in lost merchant opportunities. Therefore, an extended outage could have a
material adverse effect on our business, financial condition, results of
operations, or our cash flows.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As well, we are
exposed to procurement risk for specialized parts that may have long lead
times. If we are unable to procure these parts when they are needed for
maintenance activities, we could face an extended period where our equipment is
unavailable to produce electricity. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage our
generation equipment and technology risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">operating our generating facilities within defined and
proven operating standards that are designed to maximize the output of our
generating facilities for the longest period of time,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">performing preventative maintenance on a regular basis,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">adhering to a comprehensive plant maintenance program and
regular turnaround schedules,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">adjusting maintenance plans by facility to reflect the
equipment type and age,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">having sufficient business interruption insurance in place
in the event of an extended outage,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">having force majeure clauses in the PPAs and other
long-term&#160; contracts,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">using technology in our generating facilities that is
selected and maintained with the goal of maximizing the return on those assets,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">monitoring technological advances and evaluating their
impact upon our existing generating fleet and related maintenance programs,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">negotiating strategic supply agreements with selected
vendors to ensure key components are available in the event of a significant
outage </font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">entering into long-term&#160;
arrangements with our strategic supply partners to ensure availability
of critical spare parts, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">developing a long-term&#160;
asset management strategy with the objective of maximizing the life
cycles of our existing facilities and/or&#160;
replacement of selected generating assets.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Commodity
Price Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have exposure to
movements in certain commodity prices, including the market price of
electricity and fuels used to produce electricity in both our electricity
generation and proprietary trading businesses.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage exposure to
fluctuations in gross margin associated with commodity price risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">entering into long-term&#160;
contracts that specify the price at which electricity, steam, and other
services are provided,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">entering into a variety of short-&#160; and long-term&#160;
contracts to minimize our exposure to short-term&#160; fluctuations in electricity prices,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">purchasing natural gas coincident with production for
merchant plants so spot market spark spreads are adequate to produce and sell
electricity at a profit, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">ensuring limits and controls are in place for our
proprietary trading activities to ensure they are in line with our VaR
methodologies.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, we had
approximately 97 per cent of production under short-term and long-term
contracts and hedges (2008 &#150; 97 per cent). In the event of a planned or
unplanned plant outage or other similar event, however, we are exposed to
changes in electricity prices on purchases of electricity from the market to
fulfill our supply obligations under these short- and long-term contracts.</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis</font><font size="1" style="font-size:6.5pt;">&nbsp;&nbsp;</font><b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;font-weight:bold;">|</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">34</font><a name="PB_34_204247_7608"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage fuel price
commodity risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">entering into long-term contracts that specify the price at
which fuel is to be supplied to our plants, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">selectively using hedges, where available, to set prices for
fuel.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We are exposed to
increases in the cost of fuels used in production to the extent such increases
are greater than the increases in the price that we can obtain for the
electricity we produce. In 2009, 79 per cent (2008&#150;82 per cent) of our cost of
gas used in generating electricity was contractually fixed or passed through to
our customers and 100 per cent (2008&#150;100 per cent) of our purchased coal costs
were contractually fixed.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We monitor the market
for opportunities to enter into favourably priced long-term gas contracts.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The sensitivities of
price changes to our net earnings are shown below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Approximate impact</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 9.0pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Factor</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase or decrease</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">on net earning</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 9.0pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Electricity
  price</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">$1.00/MWh</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 9.0pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Natural
  gas price</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">$0.10/GJ</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 9.0pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Coal
  price</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">$1.00/tonne</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 9.0pt .0001pt 0in;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Fuel
Supply Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We buy natural gas
and some of our coal to supply the fuel needed to operate our facilities.
Having sufficient fuel available when required for generation is essential to
maintaining our ability to produce electricity under contracts and for merchant
sale opportunities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Alberta Thermal,
higher input costs, such as diesel, tires, the price of mining equipment,
increased amounts of overburden being removed to access coal reserves, and
mining operations moving further away from the power plants are all
contributing to increased mining costs. Additionally, the ability of the mines
to deliver coal to the power plants can be impacted by weather conditions and
labour relations. At Centralia Thermal, interruptions at our suppliers&#146; mines
and the availability of trains to deliver coal could affect our ability to
generate electricity.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage fuel supply
risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">ensuring that the majority of the coal used in electrical
generation is from coal reserves owned by us, thereby limiting our exposure to
fluctuations in the supply of coal from third parties.&#160; As at Dec.&nbsp;31, 2009, approximately 75
per cent (2008&#150;70 per cent) of the coal used in generating activities is from
coal reserves owned by us,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">using longer-term mining plans to ensure the optimal supply
of coal from our mines,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">sourcing the majority of the coal used at Centralia Thermal
under a mix of short-, medium-, and long-term contracts and from multiple mine
sources to ensure sufficient coal is available at a competitive cost,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">contracting sufficient trains to deliver the coal
requirements at Centralia Thermal,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">ensuring efficient coal handling and storage facilities are
in place so that the coal being delivered can be processed in a timely and
efficient manner,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">monitoring and maintaining coal specifications, carefully
matching the specifications mined with the requirements of our plants, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">hedging diesel exposure in mining and transportation costs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We believe adequate
supplies of natural gas at reasonable prices will be available for plants when
existing supply contracts expire.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Environmental
Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Environmental risks
are risks to our business associated with changes in environmental regulations
or exposures. New emission reduction objectives for the power sector are being
established by governments in Canada and the United States. We anticipate
continued and growing scrutiny by investors relating to sustainability
performance. These changes to regulations may affect our earnings by imposing
additional costs on the generation of electricity, such as emission caps,
requiring additional capital investments in emission capture technology, or
requiring us to invest in offset credits. It is anticipated that these
compliance costs will increase due to increased political and public attention
to environmental concerns.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage
environmental risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">seeking continuous improvement in numerous performance
metrics such as emissions, safety, land and water impacts, and environmental
incidents,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">having an International Organization for Standardization and
Occupational Health and Safety Assessment Series-based environmental health and
safety (&#147;EHS&#148;) management system in place that is designed to continuously
improve environmental performance,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">committing significant effort to work with regulators in
Canada and the United States to ensure regulatory changes are well designed and
cost effective,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">developing compliance plans that address how to meet or
exceed emission standards for GHGs, mercury, sulphur dioxide and oxides of
nitrogen, which will be adjusted as regulations are finalized,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">purchasing emission reduction offsets outside of our
operations,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">investing in renewable energy projects, such as wind
generation, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">investing in clean coal technology development, which
provides long-term promise for large emission reductions from fossil-fired
generation.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">35</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta
Corporation</font><a name="PB_35_103659_7748"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We strive to maintain
compliance with all environmental regulations relating to operations and
facilities. Compliance with both regulatory requirements and management system
standards is regularly audited through our performance assurance policy and
results are reported quarterly to our Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, we spent approximately
$45 million (2008&#150;$47 million) on environmental management activities, systems
and processes.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We are a founder of
the Canadian Clean Power Coalition, which is an industry consortium developed
to assess and develop clean combustion technologies. On Oct.&nbsp;14, 2009, the
federal and provincial governments announced that Project Pioneer, our CCS
project, has received committed funding of more than $750 million. This funding
is provided as part of the Government of Canada&#146;s $1 billion Clean Energy Fund
and the Government of Alberta&#146;s $2 billion CCS initiative.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Credit
Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Credit risk is the
risk to our business associated with changes in creditworthiness of entities
with which we have commercial exposures. This risk is in the ability of a
counterparty to either fulfill their financial or performance obligations to us
or where we have made a payment in advance of the delivery of a product or
service. The inability to collect cash due to us or to receive products or
services may have an adverse impact upon our net earnings and cash flows.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage our exposure
to credit risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">establishing and adhering to policies that define credit
limits based on creditworthiness of counterparties, define contract term
limits, and credit concentration with any specific counterparty,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">using formal sign-off on contracts that include commercial,
financial, legal, and operational reviews,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">using security instruments, such as parental guarantees,
letters of credit, and cash collateral that can be collected if a counterparty
fails to fulfill their obligation or go over their limits, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">reporting our exposure using a variety of methods that allow
key decision makers to assess credit exposure by counterparty.&#160; This reporting allows us to assess credit
limits for counterparties and the mix of counterparties based on their credit
ratings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">If established credit
exposure limits are exceeded, we take steps to reduce this exposure such as
requesting collateral, if applicable, or by halting commercial activities with
the affected counterparty. However, there can be no assurances that we will be
successful in avoiding losses as a result of a contract counterparty not
meeting its obligations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We took steps
throughout 2009 to reduce our counterparty risk by proactively assessing the
effect of the potential changes in the financial markets on counterparty risk
and acting on these assessments. While we had no counterparty losses in 2009,
we are continuing to keep a close watch on changes and trends in the market and
the impact these changes could have on our trading business and hedging
activities, and will take appropriate actions as required although no assurance
can be given that we will always be successful.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We are exposed to
minimal credit risk for Alberta PPAs because under the terms of these
arrangements, receivables are substantially all secured by letters of credit.
Our credit risk management profile and practices have not changed materially
from Dec.&nbsp;31, 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A summary of our
credit exposure for commodity trading operations and hedging at Dec.&nbsp;31,
2009 is provided below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="81%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:81.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Counterparty credit rating</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net exposure</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:81.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Investment
  grade</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">279</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:81.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-investment
  grade</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:81.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">No
  external rating, internally rated as investment grade</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:81.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">No
  external rating, internally rated as non-investment grade</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The maximum credit
exposure to any one customer for commodity trading operations, excluding the
California Independent System Operator and California Power Exchange, and
including the fair value of open trading positions, is $63 million (2008</font><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font><font size="1" face="Arial" style="font-size:8.0pt;">$105 million).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Currency Rate Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have exposure to
various currencies as a result of our investments and operations in foreign
jurisdictions, the earnings from those operations, and the acquisition of
equipment and services from foreign suppliers. Our exposures are primarily to
the U.S. and Australian currencies. Changes in the values of these currencies
in relation to the Canadian dollar may affect our earnings or the value of our
foreign investments to the extent that these positions or cash flows are not
hedged.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage our
currency rate risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">hedging our net investments in foreign operations using a
combination of foreign-denominated debt and financial instruments.&#160; Our strategy is to offset 90 to 100 per cent
of all foreign currency exposures.&#160; At
Dec.&nbsp;31, 2009, we have hedged approximately 97 per cent (2008&#150;97 per cent)
of our foreign currency net investment exposure, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">offsetting earnings from our foreign operations as much as
possible by using expenditures denominated in the same foreign currencies.&#160; We use financial instruments to hedge the
balance of our exposure in foreign operations earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Translation gains and
losses related to the carrying value of our foreign operations are included in
accumulated other comprehensive income (&#147;AOCI&#148;) in shareholders&#146; equity. At
Dec.&nbsp;31, 2009, the balance in AOCI represents a $126 million gain (2008&#150;$61
million gain).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The sensitivity of
changes in foreign exchange rates upon our net earnings is shown below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase or decrease</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Approximate impact</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Factor</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(foreign currency)</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">on net earnings</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Exchange
  rate</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">$0.05</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">36</font><a name="PB_36_103659_141"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Liquidity Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Liquidity risk
relates to our ability to access capital to be used for proprietary trading
activities, commodity hedging, capital projects, debt refinancing, and general
corporate purposes. Investment grade ratings support these activities and
provide a more reliable and cost effective means to access capital markets
through commodity and credit cycles. We are focused on maintaining a strong
balance sheet and stable investment grade credit ratings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Counterparties enter
into certain electricity and natural gas purchase and sale contracts for the
purposes of asset-backed sales and proprietary trading. The terms and
conditions of these contracts require the counterparties to provide collateral
when the fair value of the obligation pursuant to these contracts is in excess
of any credit limits granted. Downgrades in creditworthiness by certain credit
rating agencies may decrease the credit limits granted and accordingly increase
the amount of collateral that may have to be provided.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage liquidity
risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">monitoring liquidity on trading positions,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">preparing and revising longer-term financing plans to reflect
changes in business plans and the market availability of capital,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">reporting liquidity risk exposure for proprietary trading
activities on a regular basis to the EMC, senior management, and Board of
Directors,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">maintaining investment grade credit ratings, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" face="Arial" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; maintaining
committed credit lines to support potential liquidity requirements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Interest Rate Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Changes in interest
rates can impact our borrowing costs and the capacity revenues we receive from
our Alberta PPA plants. Changes in our cost of capital may also affect the
feasibility of new growth initiatives.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage interest
rate risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">employing a combination of fixed and floating rate debt
instruments, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">monitoring the mixture of floating and fixed rate debt and
adjusting where necessary to ensure a continued efficient mixture of these
types of debt.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31,
2009, approximately 31 per cent (2008&#150;24 per cent) of our total debt portfolio
was subject to movements in floating interest rates through a combination of
floating rate debt and interest rate swaps.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The sensitivity of
changes in interest rates upon our net earnings is shown below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Approximate impact</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Factor</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase or decrease (%)</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">on net earnings</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest
  rate</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">10</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Project Management Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As we are currently
working on seven generating projects, we face risks associated with
cost-overruns, delays, and performance.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We attempt to
minimize these project risks by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">ensuring all projects are vetted by the TRACT Committee so
that projects have been highly scrutinized to see that established processes
and policies are followed, risks have been properly identified and quantified,
input assumptions are reasonable, and returns are realistically forecasted
prior to Executive and Board approvals,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">using a consistent and disciplined project management
methodology and processes,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">performing detailed analysis of project economics prior to
construction or acquisition and by determining our asset contracting strategy
to ensure the right mix of contracted and merchant capacity prior to
commencement of construction,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">partnering with those who have previously been able to
deliver projects economically and on budget.&#160;
Our partnership with Capital Power on the construction of Keephills 3 is
a direct result of this type of partnership,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">developing and following through with comprehensive plans
that include critical paths identified, key delivery points, and backup plans,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">ensuring project closeouts so that any learnings from the
project are incorporated into the next significant project,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">fixing the price and availability of the equipment, foreign
currency rates, warranties, and source agreements as much as economically
feasible prior to proceeding with the project, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">entering into labour agreements to provide security around
cost and productivity.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Human Resource Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Human resource risk
relates to the potential impact upon our business as a result of changes in the
workplace. Human resource risk can occur in several ways:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">potential disruption as a result of labour action at our
generating facilities,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">reduced productivity due to turnover in positions,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">inability to complete critical work due to vacant positions,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">failure to maintain fair compensation with respect to market
rate changes, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">reduced competencies due to insufficient training, failure
to transfer knowledge from existing employees, or insufficient expertise within
current employees.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">37</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta
Corporation<a name="PB_37_103659_7608"></a></font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage this risk
by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">monitoring industry compensation and aligning salaries with
those benchmarks,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">using incentive pay to align employee goals with corporate
goals,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">monitoring and managing target levels of employee turnover,
and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">ensuring new employees have the appropriate training and
qualifications to perform their jobs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, 46 per cent
(2008&#150;46 per cent) of our labour force is covered by 11 (2008&#150;11) collective
bargaining agreements. In 2009, five (2008&#150;three) agreements were renegotiated.
We anticipate negotiating four additional agreements in 2010. We do not
anticipate any significant issues in the renewal of these agreements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Regulatory
and Political Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Regulatory and
political risk describes the risk to our business associated with existing
regulatory structures and the political influence upon those structures. This
risk can come from market re-regulation, increased oversight and control, or
other unforeseen influences. We are not able to predict whether there will be
any changes in the regulatory environment or the ultimate effect of changes in
the regulatory environment on our business.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage these risks
by working with governments, regulators, and other stakeholders to resolve
issues. We are active in policy discussions at a variety of levels. These
stakeholder negotiations have allowed us to engage in proactive discussions
with governments over the longer-term.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">International
investments are subject to unique risks and uncertainties relating to the
political, social, and economic structures of the respective country and such
country&#146;s regulatory regime. We mitigate this risk through the use of
non-recourse financing and insurance.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Transmission
Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Access to
transmission lines and sufficient capacity in those transmission lines are key
in our ability to deliver power to our customers. However, with the continued
growth in demand for electricity coupled with very little transmission capacity
being added to existing infrastructures, the reduced reliability and capacity
on the existing transmission facilities, and the risk associated with the
existing transmission infrastructure in Alberta, Ontario, and the Pacific
Northwest continues to increase.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Reputation
Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our reputation is one
of our most valued assets. Reputation risk relates to the risk associated with
our business because of changes in opinion from the general public, private
stakeholders, governments, and other entities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We manage reputation
risk by:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">striving as a neighbour and business partner in the regions
where we operate to build viable relationships based on mutual understanding
leading to workable solutions with our neighbours and other community
stakeholders,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">clearly communicating our business objectives and priorities
to a variety of stakeholders on a routine basis,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">maintaining positive relationships with various levels of
government,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">pursuing sustainable development as a longer-term corporate
strategy,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">ensuring that each business decision is made with integrity
and in line with our corporate values, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">communicating the impact and rationale of business decisions
to stakeholders in a timely manner.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We are dedicated to
operating a safe and ethical organization. We have a system in place where
employees may report any potential ethical concerns. These concerns are
directed to the Vice-President Internal Audit who engages Corporate Security,
Legal, and Human Resources in determining the appropriate course of action.
These concerns and any actions taken are discussed with the ARC. All employees
and directors are required to sign a corporate code of conduct on an annual
basis.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Corporate
Structure Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We conduct a
significant amount of business through subsidiaries and partnerships. Our
ability to meet and service debt obligations is dependent upon the results of
operations of our subsidiaries and the payment of funds by our subsidiaries in
the form of distributions, loans, dividends, or otherwise. In addition, our
subsidiaries may be subject to statutory or contractual restrictions that limit
their ability to distribute cash to us.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">General
Economic Conditions</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Changes in general
economic conditions impact product demand, revenue, operating costs, timing and
extent of capital expenditures, the net recoverable value of PP&amp;E, results
of financing efforts, credit risk, and counterparty risk.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Income
Taxes</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our operations are
complex, and located in different countries.&#160;
The computation of the provision for income taxes involves tax
interpretations, regulations, and legislation that are continually changing.
Our tax filings are subject to audit by taxation authorities. Management
believes that it has adequately provided for income taxes as required by
Canadian GAAP, based on all information currently available.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The sensitivity of
changes in income tax rates upon our net earnings is shown below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="top" style="padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Approximate impact</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Factor</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase or decrease (%)</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">on net earnings</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:64.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Tax
  rate</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">38</font><a name="PB_38_103659_8146"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The effective tax
rate on earnings before income taxes, equity loss, and other items for 2009 was
10 per cent. The effective income tax rate can change depending on the mix of
earnings from various countries and certain deductions that do not fluctuate
with earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Legal
Contingencies</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We are occasionally
named as a party in various claims and legal proceedings which arise during the
normal course of our business. We review each of these claims, including the
nature of the claim, the amount in dispute or claimed, and the availability of
insurance coverage. Although there can be no assurance that any particular
claim will be resolved in our favour, we do not believe that the outcome of any
claims or potential claims of which we are currently aware will have a material
adverse effect on us, taken as a whole.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Other
Contingencies</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We maintain a level
of insurance coverage deemed appropriate by management. There were no
significant changes to our insurance coverage during 2009. Our insurance
coverage may not be available in the future on commercially reasonable terms.
There can be no assurance that our insurance coverage will be fully adequate to
compensate for potential losses incurred. In the event of a significant
economic event, the insurers may not be capable of fully paying all claims.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CRITICAL
ACCOUNTING POLICIES AND ESTIMATES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">The
selection and application of accounting policies is an important process that
has developed as our business activities have evolved and as accounting
rules&nbsp;and guidance have changed. Accounting rules&nbsp;generally do not
involve a selection among alternatives, but involve an implementation and
interpretation of existing rules&nbsp;and the use of judgment relative to the
circumstances existing in the business. Every effort is made to comply with all
applicable rules&nbsp;on or before the effective date, and we believe the
proper implementation and consistent application of accounting rules&nbsp;is
critical.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">However,
not all situations are specifically addressed in the accounting literature. In
these cases, our best judgment is used to adopt a policy for accounting for
these situations. We draw analogies to similar situations and the accounting
guidelines governing them, consider foreign accounting standards, and consult
with our independent auditors about the appropriate interpretation and
application of these policies. Each of the critical accounting policies
involves complex situations and a high degree of judgment either in the
application and interpretation of existing literature or in the development of
estimates that impact our consolidated financial statements.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our significant
accounting policies are described in Note 1 to the consolidated financial
statements. The most critical of these policies are those related to revenue
recognition, financial instruments and hedges, PP&amp;E, goodwill, income taxes,
employee future benefits, and asset retirement obligation <i>(Notes 1(D),
(F), (J), (K), (N), (O), and (Q),</i> respectively). Each policy
involves a number of estimates and assumptions to be made about matters that
are uncertain at the time the estimate is made. Different estimates, with
respect to key variables used for the calculations, or changes to estimates,
could potentially have a material impact on our financial position or results
of operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have discussed the
development and selection of these critical accounting estimates with our ARC
and our independent auditors. The ARC has reviewed and approved our disclosure
relating to critical accounting estimates in this MD&amp;A.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Tables are provided
in the following discussion to reflect the sensitivities associated with
changes in key assumptions used in the estimates. The tables reflect an
increase or decrease in the percentage or other factor for each assumption. The
inverse of each change is generally expected to have a similar opposite impact.
Each separate item in the sensitivity assumes all other factors remain
constant.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">These critical
accounting estimates are described below.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Revenue
Recognition</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The majority of our
revenues are derived from the sale of physical power and from energy marketing
and trading activities. Revenues under long-term electricity and thermal sales
contracts generally include one or more of the following components: fixed
capacity payments for being available, energy payments for generation of
electricity, availability incentives or penalties for exceeding or not meeting
availability targets, excess energy payments for power generation above
committed capacity, and ancillary services. Each of these components is
recognized upon output, delivery, or satisfaction of contractually specific
targets. Revenues from non-contracted capacity are comprised of energy payments
for each MWh produced at market prices and are recognized upon delivery.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Trading activities
use derivatives such as physical and financial swaps, forward sales contracts
and futures contracts and options, to earn trading revenues and to gain market
information. These derivatives are accounted for using fair value accounting
and are presented on a net basis in the Consolidated Statements of Earnings
when hedge accounting is not applied. The initial recognition of fair value and
subsequent changes in fair value affect reported earnings in the period the
change occurs. The fair values of those instruments that remain open at the
balance sheet date represent unrealized gains or losses and are presented on
the Consolidated Balance Sheets as risk management assets or liabilities. The
fair value of derivative contracts receiving hedge accounting treatment open at
the balance sheet date are deferred in the Consolidated Statements of
Comprehensive Income and are presented on the Consolidated Balance Sheets as
risk management assets or liabilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The determination of
the fair value of Energy Trading contracts and derivative instruments is
complex and relies on judgments concerning future prices, volatility, and
liquidity, among other factors. The majority of derivatives traded by us are
not traded on an active exchange or extend beyond the time period for which
exchange-based quotes are available, requiring us to use internal valuation
techniques or models.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">39</font><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></b><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta
Corporation<a name="PB_39_103659_7091"></a></font></p>

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</div>
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<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Financial
Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The fair value of
financial instruments are determined and classified within three categories,
which are defined below. The fair value measurement of a financial instrument
is included in only one of the three levels, the determination of which is
based upon the lowest level input that is significant to the derivation of the
fair value.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Level
I</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:1.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair values in Level
I are determined using inputs that are unadjusted quoted prices in active
markets for identical assets or liabilities that the Corporation has the
ability to access. In determining Level I Energy Trading fair values, the
Corporation uses quoted prices for identically traded commodities obtained from
active exchanges such as the New York Mercantile Exchange (&#147;NYMEX&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Level
II</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair values in Level
II are determined using inputs other than unadjusted quoted prices that are
observable for the asset or liability, either directly or indirectly.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Energy Trading fair
values falling within the Level II category are determined through the use of
quoted prices in active markets adjusted for factors specific to the asset or
liability, such as basis and location differentials. The Corporation includes
over-the-counter derivatives with values based upon observable commodity
futures curves and derivatives with input validated by broker quotes or other
publicly available market data providers in Level II. Level II fair values also
include fair values determined using valuation techniques, such as option
pricing models and regression or extrapolation formulas, where the inputs are
readily observable, including commodity prices for similar assets or
liabilities in active markets, and implied volatilities for options.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In determining Level
II fair values of other risk management assets and liabilities, the Corporation
uses inputs other than unadjusted quoted prices that are observable for the
asset or liability, such as interest rate yield curves and currency rates. For
certain financial instruments where insufficient trading volume or lack of
recent trades exists, the Corporation relies on similar interest or currency
rate inputs and other third party information such as credit spreads. In 2009,
the majority of our Level I financial instruments were reclassified as Level
II, which is consistent with industry practice for similar valuation
techniques.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Level
III</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair values in Level
III are determined using inputs for the asset or liability that are not readily
observable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In limited
circumstances, Energy Trading may enter into commodity transactions involving
non-standard features for which market-observable data is not available. In
these cases, Level III fair values are determined using valuation techniques
with inputs that are based on historical data such as unit availability,
transmission congestion, demand profiles, and/or volatilities and correlations
between products derived from historical prices. Where commodity transactions
extend into periods for which market-observable prices are not available, an
internally-developed fundamental price forecast is used in the valuation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As a result of the
acquisition of Canadian Hydro, we also have various contracts with terms that
extend beyond five years. Valuation of these contracts must be extrapolated as
the lengths of these contracts make reasonably alternate fundamental price
forecasts unavailable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The effect of using
reasonably possible alternative assumptions as inputs to valuation techniques
from which the Level III Energy Trading fair values are determined at
Dec.&nbsp;31, 2009 is estimated to be +/- $24 million (2008&#150;nil). This estimate
is based on a +/- one standard deviation move from the mean where historical
data is used in the valuation. Where an internally-developed fundamental price
forecast is used, reasonably alternate fundamental price forecasts sourced from
external consultants are included in the estimate. For contracts with terms
that extend beyond five years, valuation must be extrapolated as the lengths of
these contracts make reasonably alternate fundamental price forecasts unavailable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Valuation
of PP&amp;E and Associated Contracts</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As at Dec.&nbsp;31,
2009, PP&amp;E makes up 78 per cent of our assets, of which 99 per cent relates
to the Generation segment. On an annual basis, and when indicators of
impairment exist, we determine whether the net carrying amount of PP&amp;E and
associated contracts are recoverable from future undiscounted cash flows.
Factors which could indicate that impairment exists include significant
underperformance relative to historical or projected operating results, significant
changes in the manner or use of the assets, the strategy for our overall
business, and significant negative industry or economic trends. In some cases,
these events are clear. However, in many cases, a clearly identifiable event
indicating possible impairment does not occur. Instead, a series of
individually insignificant events occur over a period of time leading to an
indication that an asset may be impaired. This can be further complicated in
situations where we are not the operator of the facility. Events can occur in
these situations that may not be known until a date subsequent to their
occurrence.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our businesses, the
markets, and the business environment are routinely monitored, and judgments
and assessments are made to determine whether an event has occurred that
indicates possible impairment. If such an event has occurred, an estimate is
made of the future undiscounted cash flows from the asset. If the total of the
undiscounted future cash flows (excluding financing charges, with the exception
of plants that have specifically dedicated debt), is less than the carrying
amount of the asset, an asset impairment charge must be recognized in our
financial statements. The amount of the impairment recognized is calculated by
subtracting the fair value of the asset from the carrying value of the asset.
Fair value is the amount at which an item could be bought or sold in a current
transaction between willing parties, and is best estimated by calculating the
net present value of future expected cash flows related to the asset. Both the
identification of events that may trigger impairment and the estimates of
future cash flows and the fair value of the asset require considerable
judgment.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The assessment of
asset impairment requires management to make significant assumptions about
future sales prices, cost of sales, production and fuel consumed over the life
of the plants (up to 30 years), retirement costs, and discount rates. In
addition, when impairment tests are performed, the estimated useful lives of
the plants are reassessed, with any change accounted for prospectively.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">40</font><a name="PB_40_204440_7608"></a></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In estimating future
cash flows of the plants, we use estimates of contracted and future market
prices based on expected market supply and demand in the region in which the
plant operates, anticipated production levels, planned and unplanned outages,
and transmission capacity or constraints for the remaining life of the plant.
Actual results can, and often do, differ from the estimates, and can have
either a positive or negative impact on the estimate of the impairment charge,
and may be material.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On an annual basis,
or more frequently if events indicate, we perform an impairment review of our
plants. As a result of this review in 2009, there were no changes to asset
values.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Project
Development Costs</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred project
development costs include external, direct, and incremental costs that are
necessary for completing an acquisition or construction project. These costs
are included in operating expenses until construction of a plant or acquisition
of an investment is likely to occur, there is reason to believe that future
costs are recoverable, and that efforts will result in future value to the
Corporation, at which time the future costs are included in PP&amp;E or
investments. The appropriateness of the carrying value of these costs is
evaluated each reporting period, and unrecoverable amounts of capitalized costs
for projects no longer probable of occurring are charged to expense.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Useful
Life of PP&amp;E</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">PP&amp;E is
depreciated over its estimated useful life. Estimated useful lives are
determined based on current facts and past experience, and take into
consideration the anticipated physical life of the asset, existing long-term
sales agreements and contracts, current and forecasted demand, and the
potential for technological obsolescence. Major components of plants are
depreciated over their own useful lives. A component is a tangible asset that can
be separately identified as an asset and is expected to provide a benefit of
greater than one year.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, depreciation
and amortization expense per the Consolidated Statements of Cash Flows was $493
million (2008&#150;$451million), of which $40 million (2008&#150;$38 million) relates to
mining equipment, and is included in fuel and purchased power.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The rates used are
reviewed on an ongoing basis to ensure they continue to be appropriate, and are
also reviewed in conjunction with impairment testing, as discussed above.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A five per cent
change in the estimated useful life of depreciable assets will result in a
change of $23 million in depreciation and amortization expense (2008&#150;$ 22
million).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Valuation
of Goodwill</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We evaluate goodwill
for impairment at least annually or more frequently if indicators of impairment
exist. If the carrying value of a reporting unit, including goodwill, exceeds
the reporting unit&#146;s fair value, any excess represents a goodwill impairment
loss. A reporting unit is a portion of the business for which we can identify
specific cash flows.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Goodwill was recorded
on the acquisitions of Canadian Hydro, Merchant Energy Group of the
Americas,&nbsp;Inc., Vision Quest Windelectric Inc., and CE Gen. At
Dec.&nbsp;31, 2009, this goodwill had a total carrying value of $434 million
(2008&#150;$142 million). The change in value from Dec.&nbsp;31, 2008 is mainly due
to the acquisition of Canadian Hydro.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We reviewed the
recorded value of goodwill prior to year-end and determined that the fair
values of our reporting units, based on historical cash flows and estimates of
future cash flows, exceeded their carrying values. There were no significant
events that impacted the fair values of the reporting units between the time of
our testing and Dec.&nbsp;31, 2009. This includes consideration of the current
economic environment and related credit crisis, which does not materially
impact the fair value of our assets and liabilities of our reporting units
because they are highly contracted. Accordingly, no goodwill impairment charges
were recorded for the year ended Dec.&nbsp;31, 2009. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Determining the fair
value of the reporting units is susceptible to changes from period to period as
management is required to make assumptions about future cash flows, production
and trading volumes, margins and fuel and operating costs. Had assumptions been
made that resulted in fair values of the reporting units declining by 10 per
cent from current levels, there would not have been any impairment of goodwill.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Income
Taxes</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In accordance with
Canadian GAAP, we use the liability method of accounting for future income
taxes and provide future income taxes for all significant income tax temporary
differences.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Preparation of the
consolidated financial statements requires an estimate of income taxes in each
of the jurisdictions in which we operate. The process involves an estimate of
our current tax exposure and an assessment of temporary differences resulting
from differing treatment of items, such as depreciation and amortization, for
tax and accounting purposes. These differences result in future tax assets and
liabilities that are included in our Consolidated Balance Sheets.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">An assessment must also be made to determine the likelihood
that our future tax assets will be recovered from future taxable income. To the
extent that recovery is not considered likely, a valuation allowance must be
determined. Judgment is required in determining the provision for income taxes,
future income tax assets and liabilities, and any related valuation allowance.
To the extent a valuation allowance is created or revised, current period
earnings will be affected.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Future tax assets of $221 million have been recorded on the
Consolidated Balance Sheets at Dec.&nbsp;31, 2009 (2008&#150;$251 million). These
assets are comprised primarily of unrealized losses from risk management
transactions, asset retirement obligation costs, and net operating and capital
loss carryforwards. We believe there will be sufficient taxable income and
capital gains that will permit the use of these deductions and carryforwards in
the tax jurisdictions where they exist.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">41</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:7.0pt;">  </font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160;</font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160; TransAlta Corporation<a name="PB_41_204440_8146"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Future tax
liabilities of $694 million have been recorded on the Consolidated Balance
Sheets at Dec.&nbsp;31, 2009 (2008&#150;$610 million). These liabilities are
comprised primarily of unrealized gains from risk management transactions and
income tax deductions in excess of related depreciation of PP&amp;E.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Judgment is required
to assess continually changing tax interpretations, regulations and
legislation, to ensure liabilities are complete and to ensure assets, net of
valuation allowances, are realizable. The impact of different interpretations
and applications could be material. </font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Our tax filings are
subject to audit by taxation authorities. The outcome of some audits may change
our tax liability, although we believe that we have adequately provided for
income taxes in accordance with Canadian GAAP based on all information
currently available. The outcome of pending audits is not known nor is the
potential impact on the financial statements determinable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Employee
Future Benefits</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We provide selected
post-retirement benefits to employees. The cost of providing these benefits is
dependent upon many factors that result from actual plan experience and
assumptions of future experience.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The liability for
future benefits and associated pension costs included in annual compensation
expenses are impacted by employee demographics, including age, compensation
levels, employment periods, the level of contributions made to the plans, and
earnings on plan assets.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Changes to the
provisions of the plans may also affect current and future pension costs.
Pension costs may also be significantly impacted by changes in key actuarial
assumptions, including anticipated rates of return on plan assets and the
discount rates used in determining the projected benefit obligation and pension
costs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The plan assets are
comprised primarily of equity and fixed income investments. Fluctuations in
actual equity market returns and changes in interest rates may result in
increased or decreased pension costs in future periods.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The discount rate
used reflects high-quality fixed income securities currently available and
expected to be available during the period to maturity of the pension benefits.
We do not expect to make any changes to the rate in 2010.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The expected
long-term rate of return on plan assets is based on past performance and
economic forecasts for the types of investments held by the plan. For the year
ended Dec.&nbsp;31, 2009, the plan assets had a positive return of $38 million
compared to a negative return of $55 million in 2008, and a positive return of
$10 million in 2007. The 2009 actuarial valuation used the same rate of return
on plan assets (seven per cent) as was used in 2008 and 2007.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Asset
Retirement Obligation</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We recognize ARO for
PP&amp;E in the period in which they are incurred if there is a legal
obligation for us to reclaim the plant and/or site and if a reasonable estimate
of a fair value can be determined. The fair value of the liability is described
as the amount at which the liability could be settled in a current transaction
between willing parties. Expected values are probability weighted to deal with
the risks and uncertainties inherent in the timing and amount of settlement of
many ARO. Expected values are discounted at the risk-free interest rate
adjusted to reflect the market&#146;s evaluation of our credit standing.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31,
2009, the ARO recorded on the Consolidated Balance Sheets was $282 million
(2008&#150;$297 million). We estimate the undiscounted amount of cash flow required
to settle the ARO is approximately $0.8 billion, which will be incurred between
2010 and 2072. The majority of the costs will be incurred between 2020 and
2030. An average discount rate of eight per cent was used to calculate the
carrying value of the ARO.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Sensitivities for the major assumptions
are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Approximate impact</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Factor</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase or decrease (%)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">on net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Discount
  rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Undiscounted
  ARO</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CURRENT
ACCOUNTING CHANGES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Financial
Instruments Disclosures</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;1, 2009,
we adopted amendments to Section&nbsp;3862, Financial Instruments &#150;
Disclosures, to converge with <i>Improving Disclosures
about Financial Instruments (Amendments to International Financial Reporting
Standard (&#147;IFRS&#148;) 7)</i>. The amendments expand the disclosures required
in respect of recognized fair value measurements and clarify existing
principles for disclosures about the liquidity risk associated with financial
instruments. The implementation of this standard did not have an impact upon
our consolidated financial statements as the disclosure requirements are
already provided as part of our existing financial instrument disclosures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Financial
Instruments&#150;Recognition and Measurement</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On July&nbsp;29,
2009, we retrospectively adopted, to Jan.&nbsp;1, 2009, <i>Impairment
of Financial Asset</i>s, amending Section&nbsp;3855, <i>Financial Instruments&#150;Recognition and Measurement.</i> The
amendments changed the categories into which debt instruments could be classified
and the impairment requirements for certain financial assets. Consequential
amendments to Section&nbsp;3025, <i>Impaired Loans,</i>
were made to incorporate these changes. The implementation of this standard did
not have an impact upon our consolidated financial statements.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s Discussion and Analysis</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">42</font><a name="PB_42_204440_7091"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On July&nbsp;1, 2009,
we adopted <i>Embedded Derivatives on Reclassification of
Financial Assets,</i> amending Section&nbsp;3855, <i>Financial
Instruments&#150;Recognition and Measurement.</i> The amendment indicates
that contracts with embedded derivatives cannot be reclassified out of the held
for trading category if the embedded derivative cannot be fair valued. The
implementation of this standard did not have an impact upon our consolidated
financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Credit
Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009,
we adopted the Emerging Issues Committee (&#147;EIC&#148;) Abstract 173 <i>Credit Risk and the Fair Value of Financial Assets and Financial
Liabilities.</i> Under EIC&#150;173, an entity&#146;s own credit risk and the
credit risk of the counterparty should be taken into account in determining the
fair value of financial assets and liabilities, including derivative
instruments. The implementation of this standard did not have a material impact
upon our consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Deferral
of Costs and Internally Developed Intangibles</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009,
we adopted Handbook Section&nbsp;3064, <i>Goodwill and Intangible
Assets,</i> replacing Section&nbsp;3062, <i>Goodwill and
Other Intangible Assets,</i> and Section&nbsp;3450, <i>Research and
Development Costs.</i> Section&nbsp;3064 further defines that an
internally developed intangible asset must demonstrate technical feasibility,
an intention for use or sale, the generation of future economic benefits, and
adequate access to resources to complete the development of the intangible
asset in order to be able to capitalize associated costs. The implementation of
this standard did not have an impact upon our consolidated financial
statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Mining
Exploration Costs</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009,
we adopted EIC&#150;174, <i>Mining Exploration Costs.</i>
EIC&#150;174 provides guidance on the capitalization of mining exploration costs,
particularly when mining reserves have not been proven. The EIC also defines
when an impairment test should be performed on previously capitalized costs.
The implementation of this standard did not have an impact upon our
consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">FUTURE
ACCOUNTING CHANGES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Business
Combinations and Non-Controlling Interests</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In January&nbsp;2009,
the Accounting Standards Board of Canada (&#147;AcSB&#148;) issued Section&nbsp;1582, <i>Business Combinations,</i> Section&nbsp;1601, <i>Consolidated Financial Statements,</i> and Section&nbsp;1602, <i>Non-controlling Interests,</i> which will be adopted
concurrently. Section&nbsp;1582 and Section&nbsp;1602 propose significant
changes with respect to accounting for business combinations and to the
accounting and presentation of non-controlling interests, respectively.
Section&nbsp;1601 is a replacement of Section&nbsp;1600, <i>Consolidated
Financial Statements,</i> and its implementation is not expected to have
an impact upon our consolidated financial position or results of our
operations. We are currently assessing the impact of adopting the above
standards on our consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">IFRS
Convergence</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;8, 2009,
the AcSB re-confirmed that IFRS will be required for interim and annual
financial statements commencing on Jan.&nbsp;1, 2011, with appropriate
comparative IFRS financial information for 2010. Our project to convert to IFRS
consists of the following phases:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="15%" valign="top" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:15.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Phase</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="65%" valign="top" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:65.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Description</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid #949C51 1.0pt;padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Status</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:15.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Diagnostic</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:65.54%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">In-depth identification and analysis
  of differences between Canadian GAAP and IFRS</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:9.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Design and planning&nbsp; </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.54%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Cross-functional, issue-specific
  teams analyze the key areas of convergence, and along with Information
  Technology and Internal Control resources, determine process, system, and
  financial reporting controls changes required for the conversion to IFRS</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Complete</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Solution development&nbsp; </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.54%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Plans to address identified
  conversion issues are developed and tested in a controlled environment. Staff
  training programs and internal communication plans are implemented to
  communicate process changes as a result of the conversion to IFRS</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">In progress</font></p>
  </td>
 </tr>
 <tr>
  <td width="15%" valign="top" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:15.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Implementation&nbsp; </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:2.14%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:65.54%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Processes required for dual reporting
  in 2010 and full convergence in 2011 are implemented in a live environment
  with change management in place for a successful transition to steady state</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:7.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="border:none;border-bottom:solid #949C51 1.5pt;padding:0in 0in 0in 0in;width:9.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">In progress</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A steering committee
monitors the progress and critical decisions of the transition to IFRS and
continues to meet regularly. This committee includes representatives from
Finance, Information Technology, Treasury, Investor Relations, Human Resources,
and Operations. Quarterly updates are provided to the ARC.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Based on the work to
date, our view is that while IFRS uses a conceptual framework similar to Canadian
GAAP and has many similarities to Canadian GAAP, there are several significant
differences in accounting policies that must be addressed. The majority of
differences for us are expected to arise in respect to:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Additional disclosure reconciling the changes in individual
classes of property, plant, and equipment and accumulated amortization,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Costs related to major inspection activities being
recognized as part of the carrying value of property, plant, and equipment and
depreciated over the period until the next major inspection,</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Allowing an entity to recognize as at Jan.&nbsp; 1, 2010,
all experience and transitional gains and losses related to employee future
benefits to retained earnings with subsequent experience gains and losses being
recorded in other comprehensive income, and</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .2in;text-align:justify;text-autospace:none;text-indent:-.2in;"><b><font size="1" color="#00a4e4" face="Wingdings" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">n</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" face="Arial" style="font-size:8.0pt;">Certain long-term&#160;
contracts being deemed finance leases resulting in the associated
property, plant, and equipment being removed&#160;
from the Consolidated Balance Sheets and replaced with a long-term&#160; receivable representing the present value of
lease payments&#160; to be received over the
life of the contract.&#160; Payments received
under the contract are recorded in revenue and interest income, dependent upon
the interest rate and duration of the contract.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">43</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#939599" face="Arial" style="color:#939599;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
TransAlta Corporation<a name="PB_43_204440_455"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As we prepare for
2010 dual reporting, we continue to evaluate the transitional options available
under IFRS 1, <i>First-Time Adoption of International
Financial Reporting Standards</i> as well as the most appropriate
long-term accounting policies available under IFRS.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2010, the
International Accounting Standards Board (&#147;IASB&#148;) is expected to issue new
guidance on the accounting for joint ventures. Under the issued exposure draft,
certain joint ventures cannot be proportionately consolidated and must instead be
accounted for as an equity investment on the balance sheet with the associated
net income or loss from these joint ventures being recorded as equity earnings
on the statement of earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At this time, it is
not anticipated that any other material new standards or amendments relating to
these projects will be effective on convergence in 2011. However, the progress
and recommendations of other IASB projects for financial instruments,
post-employment benefits, financial statement presentation, revenue recognition,
and leases are being closely monitored to ensure that any potential adverse
impacts to the convergence project can be minimized. As a result, the full
impact of adopting IFRS on our financial position and future results cannot
reasonably be determined at this time.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">NON-GAAP MEASURES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">We evaluate our performance and the performance of our business segments
using a variety of measures. Those discussed below are not defined under
Canadian GAAP and therefore should not be considered in isolation or as an
alternative to or to be more meaningful than net earnings or cash flow from
operating activities, as determined in accordance with Canadian GAAP, as an
indicator of our financial performance or liquidity. These measures are not
necessarily comparable to a similarly titled measure of another company.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Each business unit
assumes responsibility for its operating results measured to gross margin and
operating income. Operating income and gross margin provides management and
investors with a measurement of operating performance that is readily
comparable from period to period.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Net Earnings Reconciliation</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Gross
margin and operating income are reconciled to net earnings below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2770</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,775</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fuel and purchased power</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,228</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,493</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,231</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Gross margin</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,542</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,617</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,544</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operations, maintenance, and
  administration</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">667</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">637</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">577</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">475</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">428</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">406</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Taxes, other than income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Operating
  expenses</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,164</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,084</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,003</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Operating
  income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">378</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">533</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">541</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange gain (loss)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(12</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Writedown of mining development costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(110</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(133</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings before
  non-controlling interests and income taxes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">234</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">319</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">377</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings
  before income taxes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">196</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">258</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">329</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:62.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">309</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Earnings
on a Comparable Basis</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Presenting earnings
on a comparable basis from period to period provides management and investors
with the ability to evaluate earnings trends more readily in comparison with
prior periods&#146; results. Earnings on a comparable basis are calculated using the
weighted average common shares outstanding during the year.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In calculating
comparable earnings for 2009, we have excluded the writedown of mining
development costs, the impact of a future tax rate change, and the settlement
of an outstanding commercial issue that has been recorded in other income as
this was related to our previously held Mexican equity investment.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In calculating
comparable earnings for 2008, we have also excluded the writedown of our
Mexican equity investment.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In calculating
comparable earnings for 2008 and 2007, we have excluded the impact of future
tax rate changes, recoveries related to tax positions, and the tax law change
in Mexico as they do not relate to the earnings in the period in which they
have been reported. We also excluded the gains recorded on the sale of assets
at the previously operated Centralia coal mine in 2008 and 2007 as we do not
normally dispose of large quantities of fixed assets.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The change in life of
certain component parts at Centralia Thermal was excluded from the calculation
of comparable earnings in all three years as it relates to the cessation of
mining activities at the Centralia coal mine and conversion to consuming solely
third party supplied coal.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
<font color="#959398" style="color:#959398;">|</font>&#160; </font><font size="1" color="#00a8e4" face="Arial" style="color:#00A8E4;font-size:7.0pt;">44</font><a name="PB_44_204605_4141"></a></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='44',FILE='C:\JMS\105939\10-4104-1\task3950187\4104-1-kn-23.htm',USER='105939',CD='Feb 24 04:49 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Earnings on a comparable basis are reconciled to net
earnings below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">309</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gain
  on sale of assets at Centralia, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(10</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change
  in life of Centralia parts, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Writedown
  of mining development costs, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">10</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Settlement
  of commercial issue, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Tax
  rate change</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(48</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Recovery
  related to tax positions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(18</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Writedown
  of Mexican equity investment, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">62</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change
  in tax law in Mexico</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">28</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings on a comparable basis</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">290</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">264</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Weighted average common shares
  outstanding in the year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">201</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">199</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">202</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings on a comparable basis per share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.90</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.46</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.31</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Free Cash Flow (Deficiency)</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Free
cash flow represents the amount of cash generated by our business that is
available to invest in growth initiatives, repay scheduled principal repayments
of recourse debt, pay additional common share dividends, or repurchase common
shares.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Sustaining
capital expenditures for the year ended Dec.&nbsp;31, 2009, represents total
additions to property, plant, and equipment per the Consolidated Statements of
Cash Flows less $524 million ($510 million net of joint venture contributions)
that we have invested in growth projects. For the same period in 2008, we
invested $541 million ($515 million net of joint venture contributions). In
2007, we invested $182 million in growth projects.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The reconciliation between cash flow from operating
activities and free cash flow (deficiency) is calculated below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash
  flow from operating activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">580</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,038</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">847</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Add
  (Deduct):</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Sustaining
  capital expenditures</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(380</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(465</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(417</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Dividends
  on common shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(226</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(212</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(205</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Distribution
  to subsidiaries&#146; non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(58</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(98</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(87</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-recourse
  debt repayments</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(25</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(28</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(47</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other
  income</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Timing
  of contractualy scheduled payments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(116</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash
  flows from equity investments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(4</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Centralia
  closure costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Free cash flow (deficiency)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(117</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">121</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">111</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;Excludes debt repayments related to recourse
debt that have been or will be refinanced with long-term debt issuances, consistent
with our overall capital strategy.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We seek to
maintain sufficient cash balances and committed credit facilities to fund
periodic net cash outflows related to our business.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Earnings before Interest, Taxes, Depreciation, and
Amortization (&#147;EBITDA&#148;)</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Presenting
EBITDA from period to period provides management and investors with a proxy for
the amount of cash generated from operating activities before net interest
expense, non-controlling interests, income taxes, and working capital
adjustments.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operating
  income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">378</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">533</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">541</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accretion</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation
  and amortization per the Consolidated Statements of Cash Flows</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-4.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">493</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">451</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">415</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">EBITDA</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">895</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,006</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">980</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" face="Arial" style="font-size:8.5pt;font-style:italic;">&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">To calculate EBITDA, we use
depreciation and amortization per the Consolidated Statements of Cash Flows
because this number takes into account depreciation related to mine assets,
which is included in cost of sales per the Consolidated Statements of Earnings
..</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">45</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#959398" face="Arial" style="color:#959398;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
TransAlta Corporation<a name="PB_45_204605_8627"></a></font></p>

<div style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Comparable Return on Capital Employed</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Comparable ROCE
measures the efficiency and profitability of capital investments and is
calculated by taking comparable earnings before net interest expense,
non-controlling interests, and income taxes, and dividing by the average
invested capital excluding AOCI. Presenting this calculation using comparable
earnings before tax provides management and investors with the ability to
evaluate trends on the returns generated in comparison with other periods.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The
calculation of comparable earnings before net interest expense, non-controlling
interests, and income taxes is presented below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Earnings
  before income taxes per the Consolidated Statements of Earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">196</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">258</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">329</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net
  interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">110</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">133</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-controlling
  interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change
  in life of Centralia parts, pre-tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Writedown
  of mining development costs, pre-tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Settlement
  of commercial issue, pre-tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Writedown
  of Mexican equity investment, pre-tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gain
  on sale of assets at Centralia, pre-tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(15</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change
  in tax law in Mexico</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">28</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:62.22%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Comparable
  earnings before net interest expense, non-controlling interests, and income
  taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">389</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">538</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">529</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">SELECTED
QUARTERLY INFORMATION</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.98%;">
 <tr>
  <td width="50%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">Q1
  2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">Q2
  2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">Q3
  2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">Q4
  2009</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.14%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">756</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">585</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">666</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">763</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net
  earnings (loss)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">42</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">66</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">79</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Basic
  and diluted earnings (loss) per common share</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.21</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(0.03</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.34</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.37</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Comparable
  earnings (loss) per common share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.14%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(0.03</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.34</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.40</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Q1 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Q2 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Q3 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Q4 2008</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.86%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">803</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">708</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">791</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">808</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net
  earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">33</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">94</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Basic
  and diluted earnings per common share</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.17</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.47</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Comparable
  earnings per common share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.50</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.25</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.32</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.16%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.40</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Basic and diluted
earnings (loss) per common share and comparable earnings (loss) per common
share are calculated each period using the weighted average common shares
outstanding during the period. As a result, the sum of the earnings per common
share for the four quarters making up the calendar year may sometimes differ
from the annual earnings per common share.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CONTROLS
AND PROCEDURES</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As required by
Rule&nbsp;13a-15 under the Securities Exchange Act of 1934 (&#147;Exchange Act&#148;),
management has evaluated, with the participation of our Chief Executive Officer
and Chief Financial Officer, the effectiveness of our disclosure controls and
procedures as of the end of the period covered by this report. Disclosure
controls and procedures refer to controls and other procedures designed to
ensure that information required to be disclosed in the reports we file or
submit under the Exchange Act are recorded, processed, summarized, and reported
within the time periods specified in the rules&nbsp;and forms of the Securities
and Exchange Commission. Disclosure controls and procedures include, without
limitation, controls and procedures designed to ensure that information
required to be disclosed by us in our reports that we file or submit under the
Exchange Act are accumulated and communicated to management, including our
Chief Executive Officer and Chief Financial Officer, as appropriate to allow
timely decisions regarding our required disclosure. In designing and evaluating
our disclosure controls and procedures, management recognizes that any controls
and procedures, no matter how well designed and operated, can provide only
reasonable assurance of achieving the desired control objectives, and
management was required to apply its judgment in evaluating and implementing
possible controls and procedures. Management&#146;s evaluation of our internal
control over financial reporting did not include an evaluation of the internal
controls of Canadian Hydro, and management&#146;s conclusion regarding the
effectiveness of our internal control over financial reporting does not extend
to the internal controls of Canadian Hydro.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">There has been no
change in the internal control over financial reporting during the period
covered by this report that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting. Based on the
foregoing evaluation, our Chief Executive Officer and Chief Financial Officer
have concluded that, as of Dec.&nbsp;31, 2009, the end of the period covered by
this report, our disclosure controls and procedures were effective at a
reasonable assurance level.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Management&#146;s
Discussion and Analysis</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
<font color="#959398" style="color:#959398;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">46</font><a name="PB_46_204605_7906"></a></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">FORWARD LOOKING STATEMENTS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">This MD&amp;A, the
documents incorporated herein by reference, and other reports and filings made
with the securities regulatory authorities, include forward looking statements.
All forward looking statements are based on our beliefs as well as assumptions
based on information available at the time the assumption was made and on
management&#146;s experience and perception of historical trends, current conditions
and expected further developments as well as other factors deemed appropriate
in the circumstances. Forward looking statements are not facts, but only
predictions and generally can be identified by the use of statements that
include phrases such as &#147;may&#148;, &#147;will&#148;, &#147;believe&#148;, &#147;expect&#148;, &#147;anticipate&#148;,
&#147;intend&#148;, &#147;plan&#148;, &#147;foresee&#148;, &#147;potential&#148;, &#147;enable&#148;, &#147;continue&#148; or other
comparable terminology. These statements are not guarantees of our future
performance and are subject to risks, uncertainties and other important factors
that could cause our actual performance to be materially different from those
projected.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In particular, this
MD&amp;A contains forward looking statements pertaining to the following:
expectations relating to the timing of the completion and commissioning of
projects under development, including uprates and upgrades, and their attendant
costs; expectations related to future earnings and cash flow from operating
activities; expectations relating to the timing of the completion of the FEED
study regarding CCS and the cost of the study; estimates of fuel supply and
demand conditions and the costs of procuring fuel; our plans to invest in
existing and new capacity, and the expected return on those investments;
expectations for demand for electricity in both the short-term and long-term,
and the resulting impact on electricity prices; expectations in respect of
generation availability and production; expectations in terms of the cost of
operations and maintenance, and the variability of those costs; our plans to
install mercury control equipment at our Alberta Thermal operations and our
initiative to reduce nitrogen oxide and mercury emissions from our Centralia
Plant; expected governmental regulatory regimes and legislation, as well as the
cost of complying with resulting regulations and laws; our trading strategy and
the risk involved in these strategies; expectations relating to the
renegotiation of certain of the collective bargaining agreements to which we
are a party; estimates of future tax rates, future tax expense, and the
adequacy of tax provisions; expectations for the outcome of existing or
potential legal claims; and expectations for the ability to access capital
markets at reasonable terms.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Factors that may
adversely impact our forward looking statements include risks relating to:
(i)&nbsp;fluctuations in market prices and availability of fuel supplies required
to generate electricity and in the price of electricity; (ii)&nbsp;the
regulatory and political environments in the jurisdictions in which we operate;
(iii)&nbsp;environmental requirements and changes in, or liabilities under,
these requirements; (iv)&nbsp;changes in general economic conditions including
interest rates; (v)&nbsp;operational risks involving our facilities, including
unplanned outages at such facilities; (vi)&nbsp;disruptions in the transmission
and distribution of electricity; (vii)&nbsp;effects of weather; (viii)&nbsp;disruptions
in the source of fuels, water, wind or biomass required to operate our
facilities; (ix)&nbsp;natural disasters; (x)&nbsp;equipment failure; (xi)
trading risks; (xii) industry risk and competition; (xiii) fluctuations in the
value of foreign currencies and foreign political risks; (xiv) need for
additional financing; (xv) structural subordination of securities; (xvi)
counterparty credit risk; (xvii) insurance coverage; (xviii) our provision for
income taxes; (xix) legal proceedings involving the Corporation; (xx) reliance
on key personnel (xxi) labour relations matters; and (xxii) development
projects and acquisitions. The foregoing risk factors, among others, are
described in further detail in the Risk Management section of this MD&amp;A and
under the heading &#147;Risk Factors&#148; in our 2009 Annual Information Form.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Readers are urged to
consider these factors carefully in evaluating the forward looking statements
and are cautioned not to place undue reliance on these forward looking
statements. The forward looking statements included in this document are made
only as of the date hereof and we do not undertake to publicly update these
forward looking statements to reflect new information, future events or
otherwise, except as required by applicable laws. In light of these risks,
uncertainties and assumptions, the forward looking events might occur to a
different extent or at a different time than we have described, or might not
occur. We cannot assure you that projected results or events will be achieved.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">47</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#959398" face="Arial" style="color:#959398;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
TransAlta Corporation<a name="PB_47_204605_3736"></a></font></p>

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<DOCUMENT>
<TYPE>EX-13.3
<SEQUENCE>4
<FILENAME>a10-4104_1ex13d3.htm
<DESCRIPTION>EX-13.3 CONSOLIDATED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009
<TEXT>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Exhibit 13.3</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial"><img width="169" height="50" src="g41041km01i001.jpg"></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TransAlta Consolidated Financial Statements</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;">December&nbsp;31, 2009</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">MANAGEMENT&#146;S REPORT</font></i></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">To the Shareholders of TransAlta
Corporation</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Consolidated Financial Statements and other financial
information included in this annual report have been prepared by management. It
is management&#146;s responsibility to ensure that sound judgment, appropriate
accounting principles and methods, and reasonable estimates have been used to
prepare this information. They also ensure that all information presented is
consistent.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Management is also responsible for establishing and
maintaining internal controls and procedures over the financial reporting
process. The internal control system includes an internal audit function and an
established business conduct policy that applies to all employees. In addition,
the Corporation has a code of conduct that applies to all employees and is
signed annually. The code of conduct can be viewed on TransAlta&#146;s website
(www.transalta.com). Management believes the system of internal controls,
review procedures, and established policies provide reasonable assurance as to
the reliability and relevance of financial reports. Management also believes
that TransAlta&#146;s operations are conducted in conformity with the law and with a
high standard of business conduct.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Board of Directors is responsible for ensuring that
management fulfills its responsibilities for financial reporting and internal
control. The Board carries out its responsibility principally through its Audit
and Risk Committee (&#147;the Committee&#148;). The Committee, which consists solely of
independent directors, reviews the financial statements and annual report and
recommends them to the Board for approval. The Committee meets with management,
internal auditors, and external auditors to discuss internal controls, auditing
matters, and financial reporting issues. Internal and external auditors have
full and unrestricted access to the Committee. The Committee also recommends
the firm of external auditors to be appointed by the shareholders.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="background:#F4FEFF;font-weight:bold;"><img width="128" height="44" src="g41041km01i002.jpg"></font></b></p>
  </td>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="background:#F4FEFF;font-weight:bold;"><img width="103" height="52" src="g41041km01i003.jpg"></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">STEPHEN G.
  SNYDER</font></b></p>
  </td>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">BRIAN
  BURDEN</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
  <p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">President &amp; Chief Executive
  Officer</font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.66%;">
  <p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
  <p style="margin:7.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">February 23, 2010 </font></p>
  </td>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.66%;">
  <p style="margin:7.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">1</font><a name="PB_1_204722_7056"></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">MANAGEMENT&#146;S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">To the Shareholders of TransAlta
Corporation</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following report is provided by management in respect of
TransAlta Corporation&#146;s internal control over financial reporting (as defined
in Rules&nbsp;13a&#150;15f and 15d&#150;15f under the <i>United States Securities
Exchange Act</i> of 1934).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta&#146;s management is responsible for establishing and
maintaining adequate internal control over financial reporting for TransAlta.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Management has used the Committee of Sponsoring Organizations
of the Treadway Commission (&#147;COSO&#148;) framework to evaluate the effectiveness of
TransAlta Corporation&#146;s internal control over financial reporting. Management
believes that the COSO framework is a suitable framework for its evaluation of
TransAlta Corporation&#146;s internal control over financial reporting because it is
free from bias, permits reasonably consistent qualitative and quantitative
measurements of TransAlta Corporation&#146;s internal controls, is sufficiently
complete so that those relevant factors that would alter a conclusion about the
effectiveness of TransAlta Corporation&#146;s internal controls are not omitted, and
is relevant to an evaluation of internal control over financial reporting.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Internal control over financial reporting cannot provide absolute
assurance of achieving financial reporting objectives because of its inherent
limitations. Internal control over financial reporting is a process that
involves human diligence and compliance and is subject to lapses in judgment
and breakdowns resulting from human failures. Internal control over financial
reporting also can be circumvented by collusion or improper overrides. Because
of such limitations, there is a risk that material misstatements may not be
prevented or detected on a timely basis by internal control over financial
reporting. However, these inherent limitations are known features of the
financial reporting process, and it is possible to design safeguards into the
process to reduce, though not eliminate, this risk.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta Corporation&#146;s consolidated financial statements
include the accounts of the Sheerness, CE Generation, Wailuku, and Genesee 3
joint ventures via proportionate consolidation in accordance with Canadian
GAAP. Management does not have the contractual ability to assess the internal
controls of these joint ventures. Once the financial information is obtained
from the joint ventures it falls within the scope of TransAlta Corporation&#146;s
internal controls framework. Management&#146;s conclusion regarding the
effectiveness of internal controls does not extend to the internal controls at
the transactional level of the joint ventures. The 2009 consolidated financial
statements of TransAlta Corporation included $1,576 million and $849 million of
total and net assets, respectively, as of Dec.&nbsp;31, 2009, and $437 million
and $79 million of revenues and net earnings, respectively, for the year then
ended related to these joint ventures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta Corporation&#146;s consolidated financial statements
include the accounts of Canadian Hydro Developers,&nbsp;Inc. from the date of
acquisition. Management&#146;s evaluation of the internal control over financial
reporting did not include an evaluation of the internal controls of Canadian
Hydro Developers,&nbsp;Inc. Management&#146;s conclusion regarding the effectiveness
of the internal control over financial reporting does not extend to the
internal controls of Canadian Hydro Developers,&nbsp;Inc. The 2009 consolidated
financial statements of TransAlta Corporation included $1,534 million and $484
million of total and net assets, respectively, as of Dec.&nbsp;31, 2009, and
$29 million of revenues and nil of net earnings, respectively, for the year
then ended related to Canadian Hydro Developers,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Management has assessed the effectiveness of TransAlta
Corporation&#146;s internal control over financial reporting, as at Dec.&nbsp;31,
2009, and has concluded that such internal control over financial reporting is
effective.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Ernst&nbsp;&amp; Young LLP, who has audited the consolidated
financial statements of TransAlta Corporation for the year ended Dec.&nbsp;31,
2009, has also issued a report on internal control over financial reporting
under Auditing Standard No.&nbsp;5 of the Public Company Accounting Oversight
Board (United States). This report is located on the following page&nbsp;of
this Annual Report.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="background:#F4FEFF;font-weight:bold;"><img width="128" height="44" src="g41041km01i002.jpg"></font></b></p>
  </td>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="background:#F4FEFF;font-weight:bold;"><img width="103" height="52" src="g41041km01i003.jpg"></font></b></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">STEPHEN G.
  SNYDER</font></b></p>
  </td>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">BRIAN
  BURDEN</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.34%;">
  <p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">President &amp; Chief Executive
  Officer</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.66%;">
  <p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.34%;">
  <p style="margin:7.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">February 23, 2010</font></p>
  </td>
  <td width="57%" valign="top" style="padding:0in 0in 0in 0in;width:57.66%;">
  <p style="margin:7.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">2</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160;
<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta
Corporation<a name="PB_2_204722_5335"></a></font></p>

<p style="margin:0in 0in .0001pt 12.8pt;text-autospace:none;text-indent:-12.75pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">INDEPENDENT AUDITORS&#146; REPORT ON
INTERNAL CONTROLS UNDER STANDARDS</font></i></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">OF THE PUBLIC COMPANY ACCOUNTING
OVERSIGHT BOARD (UNITED STATES)</font></i></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">To the Shareholders of TransAlta
Corporation</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have audited TransAlta Corporation&#146;s internal control
over financial reporting as of December&nbsp;31, 2009, based on criteria
established in Internal Control-Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission (the COSO criteria). The
Corporation&#146;s management is responsible for maintaining effective internal
control over financial reporting, and for its assessment of the effectiveness
of internal control over financial reporting included in the accompanying
Management&#146;s Annual Report on Internal Control over Financial Reporting. Our
responsibility is to express an opinion on the Corporation&#146;s internal control
over financial reporting based on our audit.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We conducted our audit in accordance with the standards of
the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in
all material respects. Our audit included obtaining an understanding of
internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk, and performing such other
procedures as we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinion.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A corporation&#146;s internal control over financial reporting is
a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A
corporation&#146;s internal control over financial reporting includes those policies
and procedures that (1)&nbsp;pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the corporation; (2)&nbsp;provide reasonable
assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the corporation are being
made only in accordance with authorizations of management and directors of the
corporation; and (3)&nbsp;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or disposition of the
corporation&#146;s assets that could have a material effect on the financial
statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions or that
the degree of compliance with the policies or procedures may deteriorate.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As indicated in the accompanying Management&#146;s Annual Report
on Internal Control Over Financial Reporting, management&#146;s assessment of and
conclusion on the effectiveness of internal control over financial reporting
did not include the internal controls of the CE Generation, Sheerness, Wailuku,
and Genesee 3 joint ventures, which are included in the 2009 consolidated
financial statements of the Corporation and constituted $1,576 million and $849
million of total and net assets, respectively, as of December&nbsp;31, 2009,
and $437 million and $79 million of revenues and net earnings, respectively,
for the year then ended. Management&#146;s assessment of and conclusion on the
effectiveness of internal control over financial reporting also did not include
the internal controls of Canadian Hydro Developers,&nbsp;Inc. which is included
in the 2009 consolidated financial statements of the Corporation and
constituted $1,534 million and $484 million of total and net assets,
respectively, as of December&nbsp;31, 2009, and $29 million of revenues and nil
of net earnings, respectively, for the year then ended. Our audit of internal
control over financial reporting of the Corporation did not include an
evaluation of the internal control over financial reporting of the CE
Generation, Sheerness, Wailuku, Genesee 3 joint ventures, and Canadian Hydro
Developers,&nbsp;Inc.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In our opinion, TransAlta Corporation maintained, in all
material respects, effective internal control over financial reporting as of
December&nbsp;31, 2009, based on the COSO criteria.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have also audited, in accordance with Canadian generally
accepted auditing standards and the standards of the Public Company Accounting
Oversight Board (United States), the consolidated financial position of
TransAlta Corporation as at December&nbsp;31, 2009 and 2008 and the
consolidated results of its operations and its cash flows for each of the years
in the three-year period ended December&nbsp;31, 2009, and our report dated
February&nbsp;23, 2010, expressed an unqualified opinion thereon.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial"><img width="209" height="44" src="g41041km01i004.jpg"></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">E</font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">rnst&nbsp;&amp; Young LLP</font></b></p>

<p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Chartered Accountants </font></p>

<p style="margin:3.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Calgary, Canada </font></p>

<p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">February&nbsp;23, 2010</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">3</font><a name="PB_3_204722_5796"></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">INDEPENDENT AUDITORS&#146; REPORT ON FINANCIAL STATEMENTS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">To the Shareholders of TransAlta
Corporation</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We have audited the consolidated balance sheets of TransAlta
Corporation as at December&nbsp;31, 2009 and 2008 and the consolidated
statements of earnings and retained earnings, comprehensive income and cash
flows for each of the years in the three-year period ended December&nbsp;31,
2009. These financial statements are the responsibility of the Corporation&#146;s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We conducted our audits in accordance with Canadian
generally accepted auditing standards and the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform an audit to obtain reasonable assurance whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe our audits provide a reasonable
basis for our opinion.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In our opinion, the consolidated financial statements
referred to above present fairly, in all material respects, the consolidated
financial position of the Corporation as at December&nbsp;31, 2009 and 2008 and
the consolidated results of its operations and its cash flows for each of the
years in the three-year period ended December&nbsp;31, 2009 in conformity with
Canadian generally accepted accounting principles. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As discussed in Note 2(C)&nbsp;to the consolidated financial
statements, in 2007 the Corporation changed its method of accounting for
comprehensive income, financial instruments, and hedges.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">We also have audited, in accordance with the standards of
the Public Company Accounting Oversight Board (United States), the
Corporation&#146;s internal control over financial reporting as of December&nbsp;31,
2009, based on criteria established in Internal Control-Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission
and our report dated February&nbsp;23, 2010 expressed an unqualified opinion
thereon.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial"><img width="209" height="44" src="g41041km01i004.jpg"></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Ernst&nbsp;&amp;
Young LLP</font></b></p>

<p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Chartered Accountants </font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Calgary, Canada </font></p>

<p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">February&nbsp;23, 2010</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">4</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;TransAlta Corporation<a name="PB_4_204722_2897"></a></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CONSOLIDATED STATEMENTS OF
EARNINGS AND RETAINED EARNINGS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="63%" valign="top" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Year
  ended Dec.&nbsp;31</font><font size="1" face="Arial" style="font-size:8.0pt;">  </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(in millions of Canadian dollars except where noted)</font></i></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:1.0pt 0in;text-align:center;text-autospace:none;"><b><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:1.0pt 0in;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:11.0pt;margin:1.0pt 0in;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:1.0pt 0in;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:11.0pt;margin:1.0pt 0in;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="top" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:1.0pt 0in;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="center" style="line-height:11.0pt;margin:1.0pt 0in;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Revenues</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,770</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">3,110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">2,775</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fuel
  and purchased power</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,228</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,493</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,231</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,542</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1,617</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1,544</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Operations,
  maintenance, and administration</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">667</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">637</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">577</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation
  and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">475</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">428</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">406</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Taxes,
  other than income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,164</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1,084</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1,003</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">378</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">533</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">541</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Foreign
  exchange gain (loss)</font><font size="1" face="Arial" style="font-size:6.5pt;">  <i>(Note 7)</i></font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(12</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Writedown
  of mining development costs </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 3)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  interest expense </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7 and 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(110</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(133</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity
  loss<i>  </i></font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Other
  income<i>  </i></font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Earnings before non-controlling interests and income
  taxes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">234</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">319</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">377</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling
  interests </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 5)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">48</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Earnings before income taxes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">196</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">258</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">329</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Income
  tax expense </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 6)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">309</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Retained earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Opening balance</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">688</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">763</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">710</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in 1.0pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Common share dividends</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(235</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(215</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(202</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in 1.0pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Shares cancelled under NCIB</font><font size="1" face="Arial" style="font-size:6.5pt;">  <i>(Notes 20 and 21)</i></font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(95</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(54</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Closing balance</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">634</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">688</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">763</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Weighted average number of common shares outstanding
  in the year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">201</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">199</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">202</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:63.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net earnings per share, basic and diluted </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 20)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">0.90</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1.18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1.53</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:3.0pt 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">See accompanying notes.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><a name="PB_5_144404_6763"><font size="1" face="Arial" style="font-size:6.5pt;">Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font></a><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">5</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CONSOLIDATED
BALANCE SHEETS</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Dec.&nbsp;31
  </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(in millions of Canadian dollars)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Restated, Note 2</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">)</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  and cash equivalents </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7 and
  24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">82</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Accounts
  receivable </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7, 8, 24, and 28)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">421</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">505</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Collateral
  paid </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 7)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">37</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Prepaid
  expenses </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Risk
  management assets </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7, 9,
  and 10)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">144</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">200</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Future
  income tax assets </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 6)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Income
  taxes receivable</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">39</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Inventory
  </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 11)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">90</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">51</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">838</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">913</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Long-term receivable </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 12)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">49</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Property, plant, and equipment </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 13 and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Cost</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">11,721</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">9,932</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Accumulated
  depreciation</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4,143</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(3,898</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7,578</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">6,034</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Goodwill </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes
  14, 24, and 29)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">434</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">142</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Intangible assets </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 15 and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">333</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">213</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Future income tax assets </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 6)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">204</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">248</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Risk management assets </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7, 9, and 10)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">224</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">221</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other assets </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes
  16 and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">102</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">39</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total assets</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,762</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">7,824</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Accounts
  payable and accrued liabilities </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes
  7 and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">521</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">658</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Collateral
  received </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 7)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">86</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">24</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Risk
  management liabilities</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Notes 7, 9,
  and 10)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">45</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">148</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Income
  taxes payable</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">10</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">15</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Future
  income tax liabilities </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 6)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">57</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Dividends
  payable</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">61</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">52</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Current
  portion of long-term debt&#150;recourse </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes
  7 and 17)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">211</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Current
  portion of long-term debt&#150;non-recourse </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes
  7, 17, and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">33</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Current
  portion of asset retirement obligation </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note
  18)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">32</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">45</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">843</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1,200</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Long-term debt&#150;recourse </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7 and 17)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">3,857</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">2,332</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Long-term debt&#150;non-recourse </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7, 17, and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">554</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">232</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Asset retirement obligation </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 18 and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">250</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">252</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Deferred credits and other long-term liabilities </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 19)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">136</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">131</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Future income tax liabilities </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 6 and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">637</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">596</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Risk management liabilities </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7, 9,10, and 24)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">78</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">102</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Non-controlling interests </font></b><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 5)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">478</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">469</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Common shareholders&#146; equity</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Common
  shares </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 20 and 21)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,169</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1,761</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Retained
  earnings </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 21)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">634</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">688</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Accumulated
  other comprehensive income </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 21)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">126</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total shareholders&#146; equity</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2,929</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">2,510</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Total liabilities and shareholders&#146; equity</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">9,762</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:16.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">7,824</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Contingencies
  </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 26 and 28)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:16.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Commitments
  </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7 and 27)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in .6pt;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Subsequent
  events </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 33)</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="33%" valign="bottom" style="padding:0in 0in 0in .6pt;width:33.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On behalf of the Board:</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial"><img width="156" height="45" src="g41041km03i001.jpg"></font></p>
  </td>
  <td width="38%" valign="bottom" style="padding:0in 0in 0in 0in;width:38.84%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial"><img width="145" height="28" src="g41041km03i002.jpg"></font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="padding:0in 0in 0in .6pt;width:33.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.82%;">
  <p align="right" style="line-height:11.0pt;margin:0in .5in .0001pt 0in;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Donna Soble Kaufman<br>
  Director</font></p>
  </td>
  <td width="38%" valign="bottom" style="padding:0in 0in 0in 0in;width:38.84%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">William D. Anderson</font></p>
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:8.0pt;">Director</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">See accompanying notes.</font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">6</font><a name="PB_6_024732_8146"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta
Corporation</font></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Year
  ended Dec. 31 </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(in millions of
  Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">309</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other comprehensive income (loss)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">(Losses)
  gains on translating net assets of self-sustaining foreign operations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(209</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">342</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(196</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt .15in;text-autospace:none;text-indent:-.15in;"><font size="1" face="Arial" style="font-size:8.0pt;">Gains
  (losses) on financial instruments designated as hedges of self-sustaining foreign
  operations, net of tax</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">140</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(295</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">215</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Gains
  (losses) on derivatives designated as cash flow hedges, net of tax</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(2</font><font size="1" face="Arial" style="font-size:4.0pt;position:relative;top:-4.0pt;">)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">280</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">198</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(41</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt .15in;text-autospace:none;text-indent:-.15in;"><font size="1" face="Arial" style="font-size:8.0pt;">Loss
  on sale of Mexico equity investment reclassified to the Consolidated Statements
  of Earnings, net of tax</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(3)</font><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(8)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt .15in;text-autospace:none;text-indent:-.15in;"><font size="1" face="Arial" style="font-size:8.0pt;">Reclassification
  of derivatives designated as cash flow hedges to the Consolidated Balance
  Sheets, net of tax</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(11</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt .15in;text-autospace:none;text-indent:-.15in;"><font size="1" face="Arial" style="font-size:8.0pt;">Reclassification
  of derivatives designated as cash flow hedges to net earnings, net of tax</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-3.0pt;">(5)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(135</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">18</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Other comprehensive income (loss)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">65</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">306</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Comprehensive income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">246</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">541</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">306</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:2.0pt 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;Net of income tax expense of 26 million for
the year ended Dec. 31, 2009 (2008 &#150; 61 million recovery, 2007 &#150; 25 million
expense).</font></i></p>

<p style="margin:2.0pt 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2 &#160;Net of income tax expense of 120 million for
the year ended Dec. 31, 2009 (2008 &#150; 129 million expense, 2007 &#150; 16 million
recovery).</font></i></p>

<p style="margin:2.0pt 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">3 &#160;Net of income tax expense of 9 million for the
year ended Dec. 31, 2008 (2007 &#150; nil).</font></i></p>

<p style="margin:2.0pt 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">4 &#160;Net of income tax recovery of 4 million for
the year ended Dec. 31, 2009 (2008 &#150; nil, 2007 &#150; nil).</font></i></p>

<p style="margin:2.0pt 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">5 &#160;Net of income tax recovery of 69 million for
the year ended Dec. 31, 2009 (2008 &#150; 30 million expense, 2007 &#150; 7 million
expense).</font></i></p>

<p style="margin:4.0pt 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">See accompanying notes.</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Consolidated
Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">7</font><a name="PB_7_030142_7091"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">CONSOLIDATED
STATEMENTS OF CASH FLOWS</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Year
  ended Dec. 31 </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(in millions of Canadian dollars)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.5pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:2.0pt 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Operating activities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:2.0pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:2.0pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:2.0pt 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">309</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Depreciation
  and amortization </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 29)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">493</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">451</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">415</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Gain
  on sale of equipment</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(16</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Non-controlling
  interests</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Note 5)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">48</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Asset
  retirement obligation accretion</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Note 18)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">24</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Asset
  retirement costs settled</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Note 18)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(35</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(37</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(38</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Future
  income taxes</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Note 6)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">21</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(34</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Unrealized
  loss from risk management activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">26</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Unrealized
  foreign exchange gain</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(11</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Writedown
  of mining development costs</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Note 3)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity
  loss</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other
  non-cash items</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">729</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">828</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">781</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Change
  in non-cash operating working capital balances </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 22)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(149</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">210</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">66</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  flow from operating activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">580</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">1,038</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">847</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Investing activities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Acquisition
  of Canadian Hydro Developers, Inc., net of cash acquired </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(766</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Additions
  to property, plant, and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(904</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(1,006</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(599</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Proceeds
  on sale of property, plant, and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">47</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Proceeds
  on sale of minority interest in Kent Hills </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">29</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Equity
  investment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(20</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Restricted
  cash</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">248</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">57</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Long-term
  receivable</font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;"> (Note
  12)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(41</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Realized
  (losses) gains on financial instruments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">52</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">107</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Loan
  to equity investment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(245</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Proceeds
  on sale of equity investment </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">332</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  increase in collateral received from counterparties</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">87</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  decrease in collateral paid to counterparties</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Settlement
  of adjustments on sale of Mexican equity investment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(2</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  flow used in investing activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(1,598</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(581</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(410</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Financing activities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  increase (decrease) in credit facilities </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">620</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(243</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">289</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Repayment
  of long-term debt </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(796</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(308</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(252</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Issuance
  of long-term debt </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,119</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">502</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">30</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Dividends
  paid on common shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(226</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(212</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(205</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Redemption
  of preferred securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(175</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Funds
  paid to repurchase common shares under NCIB </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 21)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(130</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(75</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Net
  proceeds on issuance of common shares </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 20)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">398</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Decrease
  in advances to TransAlta Power</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Realized
  gains on financial instruments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Distributions
  paid to subsidiaries' non-controlling interests </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 5)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(58</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(98</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(87</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  flow from (used in) financing activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">1,053</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(467</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(444</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Cash flow from (used in) operating, investing, and
  financing activities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">35</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(10</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(7</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Effect of translation on foreign currency cash</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">(3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(8</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Increase (decrease) in cash and cash equivalents</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">32</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">(15</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Cash and cash equivalents, beginning of year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">50</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">51</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">66</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Cash and cash equivalents, end of year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">82</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">50</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">51</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  taxes paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">43</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">75</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash
  interest paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">149</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">106</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">142</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:1.0pt 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">See accompanying notes.</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">8</font><a name="PB_8_031518_455"><font size="1" style="font-size:6.5pt;">&nbsp;&nbsp;</font></a><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" style="font-size:6.5pt;">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\105816\10-4104-1\task3950164\4104-1-km-03.htm',USER='105816',CD='Feb 24 04:29 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS</font></i></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Tabular amounts in millions of Canadian dollars, except as otherwise
noted)</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">1.&#160;&#160; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></i></b></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-17.95pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.&#160;&#160;&#160; Description
of the Business</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta Corporation (&#147;TransAlta&#148; or &#147;the Corporation&#148;), was
incorporated under the Canada <i>Business Corporations Act</i>
in March&nbsp;1985. The Corporation became a public company in December&nbsp;1992
after TransAlta Utilities Corporation (&#147;TAU&#148;) became a subsidiary. The Corporation
has two reportable segments that are supported by a corporate group that provides
finance, treasury, tax, legal, environmental health and safety, sustainable development,
corporate communications, government relations, information technology, human resources,
internal audit, and other administrative support.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The two reportable segments of the Corporation are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160; Generation</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Generation segment owns coal, gas, wind, geothermal, biomass,
and hydro plants in Canada, the United States (&#147;U.S.&#148;), and Australia. It generates
its revenues from the sale of electricity, steam, gas, and ancillary services.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160; Commercial
Operations&nbsp;&amp; Development (&#147;COD&#148;)</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The COD segment derives revenues from the wholesale trading of
electricity and other energy-related commodities and derivatives not supported by
TransAlta-owned generation assets. COD also utilizes contracts of various durations
for the forward sales of electricity and purchases of natural gas and transmission
capacity to effectively manage available generating capacity and fuel and transmission
needs on behalf of Generation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.&#160;&#160;&#160; Consolidation</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">These consolidated financial statements have been prepared by
management in accordance with Canadian Generally Accepted Accounting Principles
(&#147;Canadian GAAP&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The consolidated financial statements include the accounts of
TransAlta, all subsidiaries, and the proportionate share of the accounts of joint
ventures and jointly controlled corporations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.&#160;&#160;&#160; Use
of Estimates</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The preparation of consolidated financial statements in accordance
with Canadian GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosures of contingent assets
and liabilities at the date of the consolidated financial statements and the reported
amounts of revenues and expenses during the period. These estimates are subject
to uncertainty. Actual results could differ from those estimates due to factors
such as fluctuations in interest rates, currency exchange rates, inflation levels
and commodity prices, changes in economic conditions and legislative and regulatory
changes <i>(Notes 7, 9, 10, 13, 14, 15, 17, 18, 26, 30, and
31).</i></font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">D.&#160;&#160;&#160; Revenue
Recognition</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The majority of the Corporation&#146;s revenues are derived from the
sale of physical power and from energy marketing and trading activities. Revenues
under long-term electricity and thermal sales contracts generally include one or
more of the following components: fixed capacity payments for being available, energy
payments for generation of electricity, availability payments or penalties for exceeding
or not meeting availability targets, excess energy payments for power generation
above committed capacity, and ancillary services. Each is recognized upon output,
delivery, or satisfaction of specific targets, all as specified by contractual terms.
Revenues from non-contracted capacity are comprised of energy payments for each
megawatt hour (&#147;MWh&#148;) produced at market prices, and are recognized upon delivery.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Trading activities use derivatives such as physical and financial
swaps, forward sales contracts and futures contracts and options, which are used
to earn trading revenues and to gain market information. These derivatives are accounted
for using fair value accounting and are presented on a net basis in the Consolidated
Statements of Earnings. The initial recognition of fair value and subsequent changes
in fair value affect reported net earnings in the period the change occurs. The
fair values of those instruments that remain open at the balance sheet date represent
unrealized gains or losses and are presented on the Consolidated Balance Sheets
as risk management assets or liabilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The majority of derivatives traded by the Corporation are not
traded on an active exchange or extend beyond the time period for which exchange-based
quotes are available. The fair values of these derivatives have been determined
using valuation techniques or models.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">E.&#160;&#160;&#160;&#160; Foreign
Currency Translation</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s functional currency is Canadian dollars while
self-sustaining foreign operations&#146; functional currencies are U.S. and Australian
dollars.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s self-sustaining foreign operations are translated
using the current rate method. Translation gains and losses resulting from translating
these foreign operations are included in Other Comprehensive Income (&#147;OCI&#148;) with
the cumulative gain or loss reported in Accumulated Other Comprehensive Income
(&#147;AOCI&#148;). Foreign currency denominated monetary and non-monetary assets and liabilities
of self-sustaining foreign operations are translated at exchange rates in effect
on the balance sheet date.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Transactions denominated in a currency other than the functional
currency are translated at the exchange rate on the transaction date. The resulting
exchange gains and losses on these items are included in net earnings.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">9</font><a name="PB_9_061253_5250"></a></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">F.&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Financial
Instruments and Hedges</font></b></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-autospace:none;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160; Financial
Instruments</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial assets and financial liabilities, including derivatives,
and certain non-financial derivatives are recognized on the Consolidated Balance
Sheets from the point when the Corporation becomes a party to the contract. Financial
liabilities are removed from the consolidated financial statements when the liability
is extinguished either through settlement of or release from the obligation of the
underlying liability. All financial instruments are measured at fair value upon
initial recognition except for certain non-financial derivative contracts that meet
the Corporation&#146;s expected purchase, sale or usage requirements, commonly termed
normal purchase / normal sale (&#147;NPNS&#148;) contracts. Measurement in subsequent periods
depends on whether the financial instrument has been classified as held for trading,
available-for-sale, held-to-maturity, loans and receivables, or other financial
liabilities. Classification of the financial instrument is determined at inception
depending on the underlying exposure that is being hedged.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial assets and financial liabilities classified as held
for trading are measured at fair value with changes in those fair values recognized
in net earnings. Financial assets classified as either held-to-maturity or loans
and receivables, and other financial liabilities are measured at amortized cost
using the effective interest method of amortization. Investments in equity instruments
classified as available-for-sale that do not have a quoted market price in an active
market are measured at cost.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Derivative instruments are recorded on the Consolidated Balance
Sheets at fair value, including those derivatives that are embedded in financial
or non-financial contracts that are not closely related to the host contracts. TransAlta
recognizes as separate assets and liabilities only those derivatives embedded in
hybrid instruments issued, acquired, or substantively modified after Jan.&nbsp;1,
2003. Changes in the fair values of derivative instruments are recognized in net
earnings with the exception of the effective portion of (i)&nbsp;derivatives designated
as cash flow hedges or (ii)&nbsp;hedges of foreign currency exposure of a net investment
in a self-sustaining foreign operation, which are recognized in OCI. Derivatives
used in trading activities are described in more detail in Note 1(D).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Certain financial instruments can be designated as held for trading
(the fair value option) on initial recognition even if the financial instrument
was not acquired or incurred principally for the purpose of selling or repurchasing
it in the near term. An instrument that is classified as held for trading by way
of this fair value option must have reliable fair values and satisfy one of the
following criteria (i)&nbsp;when doing so eliminates or significantly reduces a
measurement or recognition inconsistency that would otherwise arise from measuring
assets or liabilities, or recognizing gains and losses on them on a different basis
or (ii)&nbsp;it belongs to a group of financial assets, financial liabilities or
both that are managed and evaluated on a fair value basis in accordance with TransAlta&#146;s
risk management strategy, and are reported to senior management personnel on that
basis.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Transaction costs are expensed as incurred for financial instruments
classified or designated as held for trading. For other financial instruments, transaction
costs are capitalized on initial recognition. The Corporation uses the effective
interest method of amortization for any transaction costs or fees, premiums or discounts
earned or incurred for financial instruments measured at amortized cost. Financial
guarantees that meet the definition of a derivative are measured at fair value and
are subsequently re-measured at fair value at each balance sheet date.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160; Hedges</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Where hedge accounting can be applied and the Corporation chooses
to seek hedge accounting treatment, a hedge relationship is designated as a fair
value hedge, a cash flow hedge, or a hedge of foreign currency exposure of a net
investment in a self-sustaining foreign operation. In order to manage the ratio
of floating rate versus fixed rate debt, the Corporation uses interest rate swaps
as fair value or cash flow hedges. To hedge exposures to anticipated changes in
interest rates for forecasted issuances of debt the Corporation uses interest rate
swaps as cash flow hedges. For cash flow hedges, the Corporation primarily uses
physical and financial swaps, forward contracts, futures contracts, and options
to hedge its exposure to fluctuations in electricity and natural gas prices. The
Corporation also uses foreign currency forward contracts as cash flow hedges to
hedge the foreign exchange exposures resulting from anticipated transactions and
firm commitments denominated in foreign currencies. To hedge exposure to changes
in the carrying value of net investments in foreign operations that are a result
of changes in foreign exchange rates, the Corporation primarily uses cross-currency
interest rate swaps, foreign currency forward contracts, and foreign denominated
debt.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">To be accounted for as a hedge, a derivative must be designated
and documented as a hedge, and must be highly effective at inception and on an ongoing
basis. The documentation prepared for the derivative at inception defines all relationships
between hedging instruments and hedged items, as well as the Corporation&#146;s risk
management objective and strategy for undertaking various hedge transactions. The
process of hedge accounting includes linking derivatives to specific assets and
liabilities on the Consolidated Balance Sheets or to specific firm commitments or
anticipated transactions.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation also formally assesses, both at the hedge&#146;s inception
and on an ongoing basis, whether the derivatives used are highly effective in offsetting
changes in fair values or cash flows of hedged items. To be classified as effective,
it is reasonable to expect that the Corporation will fulfill its contractual obligations
without having to purchase commodities in the market and cash flow exposure does
not exist. If the above hedge criteria are not met, the derivative is accounted
for on the Consolidated Balance Sheets at fair value, with subsequent changes in
fair value recorded in net earnings in the period of change. For those instruments
that the Corporation does not seek or are ineligible for hedge accounting, changes
in fair value are recorded in net earnings.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">10</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta Corporation<a name="PB_10_061253_7672"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;">a.&#160;&#160;&#160;&#160; Fair Value Hedges</font></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In a fair value hedging relationship, the carrying value of the
hedged item is adjusted for changes in fair value attributable to the hedged risk
and is recognized in net earnings. Changes in the fair value of the hedged item,
to the extent that the hedging relationship is effective, are offset by changes
in the fair value of the hedging derivative, which is also recorded in net earnings.
Hedge effectiveness of fair value hedges is achieved if changes in the fair value
of the derivative substantially offset changes in the fair value of the item hedged.
When hedge accounting is discontinued, the carrying value of the hedged item is
no longer adjusted and the cumulative fair value adjustments to the carrying value
of the hedged item are amortized to net earnings over the remaining term of the
original hedging relationship.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation primarily uses interest rate swaps as fair value
hedges to manage the ratio of floating rate versus fixed rate debt. Interest rate
swaps require the periodic exchange of payments without the exchange of the notional
principal amount on which the payments are based. If hedge criteria are met, interest
expense on the debt is adjusted to include the payments made or received under the
interest rate swaps.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;">b.&#160;&#160;&#160;&#160; Cash Flow Hedges</font></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In a cash flow hedging relationship, the effective portion of
the change in the fair value of the hedging derivative is recognized in OCI while
any ineffective portion is recognized in net earnings. Hedge effectiveness of cash
flow hedges is achieved if the derivatives&#146; cash flows substantially offset the
cash flows of the hedged item and the timing of the cash flows is similar. When
hedge accounting is discontinued, the amounts previously recognized in AOCI are
reclassified to net earnings during the periods when the variability in the cash
flows of the hedged item affects net earnings. Gains and losses on derivatives are
reclassified from OCI immediately to net earnings when it is probable that the forecasted
transaction will not occur within the specified time period.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation primarily uses physical and financial swaps,
forward sales contracts, futures contracts, and options as cash flow hedges to hedge
the Corporation&#146;s exposure to fluctuations in electricity and natural gas prices.
If hedging criteria are met, as described above, gains and losses on these derivatives
are recognized in net earnings in the same period and financial statement caption
as the hedged exposure. Up to the date of settlement, the fair values of the hedges
are recorded in risk management assets or liabilities with changes in value being
reported in OCI.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation also uses foreign currency forward contracts
as cash flow hedges to hedge the foreign exchange exposures resulting from anticipated
transactions and firm commitments denominated in foreign currencies. If the hedging
criteria are met, changes in value are reported in OCI with the fair value being
reported in risk management assets or liabilities, as appropriate. Upon settlement
of the derivative, any gain or loss on the forward contracts is included in the
cost of the asset acquired or liability incurred.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation uses forward starting interest rate swaps as
cash flow hedges to hedge exposures to anticipated changes in interest rates for
forecasted issuances of debt. If the hedging criteria are met, changes in value
are reported in OCI with the fair value being reported in risk management assets
or liabilities, as appropriate.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;">c.&#160;&#160;&#160;&#160; Foreign Currency Exposure of a Net Investment in a Self-Sustaining
Foreign Operation Hedges</font></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In hedging a foreign currency exposure of a net investment in
a self-sustaining foreign operation, the effective portion of foreign exchange gains
and losses on the hedging instruments is recognized in OCI and the ineffective portion
is recognized in net earnings. The amounts previously recognized in AOCI are recognized
in net earnings when there is a reduction in the hedged net investment as a result
of a dilution or sale of the net investment.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation primarily uses cross-currency interest rate swaps,
foreign currency forward contracts, and foreign denominated debt to hedge exposure
to changes in the carrying values of the Corporation&#146;s net investments in self-sustaining
foreign operations as a result of changes in foreign exchange rates. Gains and losses
on these instruments that qualify for hedge accounting are reported in OCI with
fair values recorded in risk management assets or liabilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">G.&#160;&#160;&#160; Cash
and Cash Equivalents</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Cash and cash equivalents are comprised of cash and highly liquid
investments with original maturities of three months or less.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">H.&#160;&#160;&#160; Collateral
Paid and Received</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The terms and conditions of certain contracts may require the
counterparties to provide collateral when the fair value of the obligation pursuant
to these contracts is in excess of any credit limits granted. Downgrades in creditworthiness
by certain credit rating agencies may decrease the credit limits granted and accordingly
increase the amount of collateral that may have to be provided.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160; Inventory</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The majority of fuel and purchased power recorded on the Consolidated
Statements of Earnings reflects the cost of inventory consumed in the generation
of electricity. All inventory is carried at the lower of cost and net realizable
value and cost is determined using the weighted average cost method.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The cost of internally produced coal inventory is determined
using absorption costing which is defined as the sum of all applicable expenditures
and charges directly incurred in bringing inventory to its existing condition and
location. Available coal inventory tends to increase during the second and third
quarters as a result of favourable weather conditions and lower production as maintenance
is performed. Due to the limited amount of processing steps incurred in mining coal
and preparing it for consumption and the relatively low value on a per-unit basis,
management does not distinguish between work in process and coal available for consumption.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The cost of natural gas inventory includes all applicable expenditures
and charges incurred in bringing inventory to its existing condition and location.</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">11</font><a name="PB_11_061253_536"></a></p>

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<div>

<p align="center" style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">J.&#160;&#160;&#160;&#160; Property,
Plant, and Equipment</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s investment in property, plant, and equipment
(&#147;PP&amp;E&#148;) is stated at original cost at the time of construction, purchase, or
acquisition. Original cost includes items such as materials, labour, interest, and
other appropriately allocated costs. As costs are expended for new construction,
these costs are capitalized as PP&amp;E on the Consolidated Balance Sheets and are
subject to depreciation upon commencement of commercial operations. The cost of
routine maintenance and repairs, such as inspections and corrosion removal, and
the replacement of minor parts, are charged to expense as incurred. Certain expenditures
relating to the replacement of components incurred during major maintenance are
capitalized and amortized over the estimated benefit period of such expenditures.
A component is a tangible portion of the asset that can be separately identified
as an asset and depreciated over its own expected useful life, and is expected to
provide a benefit of greater than one year.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The estimate of the useful life of PP&amp;E is based on current
facts and past experience, and takes into consideration existing long-term sales
agreements and contracts, current and forecasted demand, and the potential for technological
obsolescence. The useful life is used to estimate the rate at which the PP&amp;E
is depreciated or amortized. These estimates are subject to revision in future periods
based on new or additional information. Depreciation and amortization are calculated
using straight-line and unit-of-production methods. Coal rights are amortized on
a unit-of-production basis, based on the estimated mine reserves.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta capitalizes interest on capital invested in projects
under construction. Upon commencement of commercial operations, capitalized interest,
as a portion of the total cost of the plant, is amortized over the estimated useful
life of the plant.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On an annual basis, and when indicators of impairment exist,
TransAlta determines whether the net carrying amount of PP&amp;E is recoverable
from future undiscounted cash flows. Factors that could indicate an impairment exists,
include significant underperformance relative to historical or projected future
operating results, significant changes in the manner or use of the assets, significant
negative industry or economic trends, or a change in the strategy for the Corporation&#146;s
overall business. In some cases, these events are clear. However, in many cases,
a clearly identifiable event indicating possible impairment does not occur. Instead,
a series of individually insignificant events occur over a period of time leading
to an indication that an asset may be impaired. This can be further complicated
where TransAlta is not the operator of the facility. Events can occur in these situations
that may not be known until a date subsequent to their occurrence.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s businesses, the market and business environment
are routinely monitored, and judgments and assessments are made to determine whether
an event has occurred that indicates possible impairment. If such an event has occurred,
an estimate is made of future undiscounted cash flows from the PP&amp;E. If the
total of the undiscounted future cash flows, excluding financing charges with the
exception of plants that have specifically dedicated debt, is less than the carrying
amount of the PP&amp;E, an asset impairment must be recognized in the consolidated
financial statements. The amount of the impairment charge to be recognized is calculated
by subtracting the fair value of the asset from the carrying value of the asset.
Fair value is the amount at which an item could be bought or sold in a current transaction
between willing parties, and is normally estimated by calculating the present value
of expected future cash flows related to the asset.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">K.&#160;&#160;&#160; Goodwill</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Goodwill is the cost of an acquisition less the fair value of
the related identifiable net assets of an acquired business. Goodwill is not subject
to amortization, but instead is tested for impairment at least annually, or more
frequently if an analysis of events and circumstances indicate that a possible impairment
may exist. These events could include a significant change in financial position
of the reporting segment to which the goodwill relates or significant negative industry
or economic trends. To test for impairment, the fair value of the reporting segments
to which the goodwill relates is compared to the carrying values of the reporting
segments. The Corporation determined that the fair value of each reporting segment
exceeded its carrying values as at Dec.&nbsp;31, 2009 and 2008.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">L.&#160;&#160;&#160;&#160; Intangible
Assets</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Intangible assets consist of power sale contracts, with rates
higher than market rates at the date of acquisition, primarily acquired in the purchase
of Canadian Hydro Developers,&nbsp;Inc. (&#147;Canadian Hydro&#148;) <i>(Note 24)</i>
and CE Generation LLC (&#147;CE Gen&#148;), a jointly controlled enterprise <i>(Note 32)</i>. Sale contracts are valued at cost and are amortized
on a straight-line basis over the remaining applicable contract period, which ranges
from one to 25 years.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">M.&#160;&#160;&#160; Project
Development Costs</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred project development costs include external, direct,
and incremental costs that are necessary for completing an acquisition or construction
project. These costs are included in operating expenses until construction of a
plant or acquisition of an investment is likely to occur, there is reason to believe
that future costs are recoverable, and that efforts will result in future value
to the Corporation, at which time the future costs are included in PP&amp;E or investments.
The appropriateness of the carrying value of these costs is evaluated each reporting
period, and unrecoverable amounts of capitalized costs for projects no longer probable
of occurring are charged to expense.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt 16.6pt;text-align:justify;text-autospace:none;text-indent:-16.55pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">12</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta Corporation<a name="PB_12_061253_5926"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">N. &#160;&#160; Income
Taxes</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation follows Canadian GAAP for non-regulated entities
for all electricity generation operations and as a result, future income taxes have
been recorded for all operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation uses the liability method of accounting for income
taxes for its operations. Under the liability method, income taxes are recognized
for the differences between financial statement carrying values and the respective
income tax basis of assets and liabilities (temporary differences), and the carryforward
of unused tax losses. Future income tax assets and liabilities are measured using
income tax rates expected to apply in the years in which temporary differences are
expected to be recovered or settled. The effect on future income tax assets and
liabilities of a change in tax rates is included in net earnings in the period the
change is substantively enacted. Future income tax assets are evaluated annually
and if realization is not considered &#145;more likely than not&#146;, a valuation allowance
is provided.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta&#146;s income tax positions are based on research and interpretations
of the income tax laws and rulings in each of the jurisdictions in which the Corporation
operates. The Corporation&#146;s operations are complex, and the computation and provision
for income taxes involves tax interpretations, regulations, and legislation that
are continually changing and as such, further appeals and audits by taxation authorities
may result. The outcome of some audits may change the tax liability of the Corporation.
Management believes it has adequately provided for income taxes based on all information
currently available.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">O.&#160;&#160;&#160; Employee
Future Benefits</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation accrues its obligations under employee benefit
plans and the related costs, net of plan assets. The cost of pensions and other
post-employment and post-retirement benefits earned by employees is actuarially
determined using the projected benefit method pro-rated on services and management&#146;s
best estimate of expected plan investment performance, salary escalation, retirement
ages of employees, and expected health care costs. The defined benefit pension plans
are based on an employee&#146;s final average earnings and years of service. The expected
return on plan assets is based on expected future capital market returns. The discount
rate used to calculate the interest cost on the accrued benefit obligation is determined
by reference to market interest rates at the balance sheet date on high-quality
debt instruments with cash flows that match the timing and amount of expected benefit
payments. As the members of the Canadian Registered Plan are now almost all inactive,
the past service costs from plan amendments and the excess of the net cumulative
unamortized actuarial gain or loss over 10 per cent of the greater of the accrued
benefit obligation and the market value of plan assets are amortized over the Estimated
Average Remaining Life (&#147;EARL&#148;). When the restructuring of a benefit plan gives
rise to both a curtailment and settlement of obligations, the curtailment is accounted
for prior to the settlement. Transition obligations and assets arising from the
prospective adoption of new accounting standards are amortized over EARL. This method
has not been applied to the Centralia plan as it did not qualify because the majority
of its members are still active. The U.S. plan is amortized using Estimated Average
Remaining Service Life (&#147;EARSL&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2007, the past service costs and actuarial gains and losses
on defined benefit plans had been amortized using EARSL <i>(Note 2)</i>.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">P.&#160;&#160;&#160;&#160; Long-Term
Debt</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Transaction costs are recorded against the carrying value of
long-term debt. The Corporation uses the effective interest method to amortize issuance
costs and fees associated with long-term debt. A portion of the debt has been hedged
using fixed to floating interest rate swaps and therefore the Corporation has included
the fair value of these swaps with the value of the debt.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Q.&#160;&#160;&#160; Asset
Retirement Obligation (&#147;ARO&#148;)</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation recognizes ARO in the period in which they are
incurred if a reasonable estimate of a fair value can be determined. The associated
asset retirement costs are capitalized as part of the carrying amount of the long-lived
asset. The ARO liability is accrued over the estimated time period until settlement
of the obligation and the asset is depreciated over the estimated useful life of
the asset. Reclamation costs for mining assets are recognized on a unit-of-production
basis.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta has recorded an ARO for all generating facilities for
which it is legally required to remove the facilities at the end of their useful
lives and restore the plant and mine sites to their original condition. For some
hydro facilities, the Corporation is required to remove the generating equipment,
but is not legally required to remove the structures. TransAlta has recognized legal
obligations arising from government legislation, written agreements between entities,
and case law. The asset retirement liabilities are recognized when the ARO is incurred.
Asset retirement liabilities for coal mines are incurred over time, as new areas
are mined, and a portion of the liability is settled over time as areas are reclaimed
prior to final pit reclamation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For active mines, accretion expense is included in fuel and purchased
power.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">R.&#160;&#160;&#160; Stock-Based
Compensation Plans</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has two types of stock-based compensation plans
as described in Note 30. Under the fair value method for stock options, compensation
expense is measured at the grant date at fair value and recognized over the service
period.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Stock grants under the Performance Share Ownership Plan (&#147;PSOP&#148;)
are accrued in operations, maintenance, and administration (&#147;OM&amp;A&#148;) expense
as earned to the balance sheet date, based upon the percentile ranking of the total
shareholder return of the Corporation&#146;s common shares in comparison to the total
shareholder returns of companies comprising the comparator group. Compensation expense
under the phantom stock option plan is recognized in OM&amp;A for the amount by
which the quoted market price of TransAlta&#146;s shares exceed the option price, and
adjusted for changes in each period for changes in the excess over the option price.
If stock options or stock are repurchased from employees, the excess of the consideration
paid over the carrying amount of the stock option or stock cancelled is charged
to retained earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to Consolidated
Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">13</font><a name="PB_13_061253_4688"></a></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">S.&#160;&#160;&#160;&#160; Accounting
for Emission Credits and Allowances</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Purchased emission allowances are recorded on the Consolidated
Balance Sheets at historical cost and are carried at the lower of weighted average
cost and net realizable value. Allowances granted to TransAlta or internally generated
are recorded at nil. TransAlta records an emission liability on the Consolidated
Balance Sheets using the best estimate of the amount required to settle the Corporation&#146;s
obligation in excess of government-established caps and targets. To the extent compliance
costs are recoverable under the terms of contracts with third parties, these amounts
are recognized as revenue in the period of recovery.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Proprietary trading of emissions allowances that meet the definition
of a derivative are accounted for using the fair value method of accounting. Allowances
that do not satisfy the criteria of a derivative are accounted for using the accrual
method.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">T.&#160;&#160;&#160;&#160; Planned
Maintenance</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Planned maintenance is performed at regular intervals and the
expenditures include both expense and capital portions. The planned major maintenance
includes repairs and maintenance of existing components and the replacement of existing
components. Repairs and maintenance of existing components are expensed in the period
incurred. Costs of replacing existing components are capitalized in the period of
maintenance activities and amortized on a straight-line basis over the life of the
asset. Any remaining net book value of the component being replaced is expensed
through depreciation. A component is a tangible portion of the asset that can be
separately identified as an asset and depreciated over its own expected useful life,
and is expected to provide a benefit of greater than one year.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">U.&#160;&#160;&#160; Business
Combinations</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Acquisitions are recorded using the purchase method of accounting,
in accordance with Handbook Section&nbsp;1581, <i>Business Combinations</i>,
with the results of operations included in these consolidated financial statements
from the date of acquisition <i>(Note 24)</i>. The purchase
price has been allocated to assets acquired and liabilities assumed at the date
of acquisition. The amounts assigned to the net assets acquired have given rise
to future income tax liabilities that have been recorded as part of the purchase
price allocation. The excess of the purchase price over the fair values assigned
to the identifiable net assets acquired has been recorded as goodwill.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">2.&#160;&#160; ACCOUNTING CHANGES</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.&#160;&#160;&#160; Current
Year Reclassifications</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Certain of the comparative figures have been reclassified to
conform with the current year&#146;s presentation. Such reclassification did not impact
previously reported net earnings or retained earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160; Classification
of Pension Assets</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2009, pension assets were classified on the Consolidated
Balance Sheets as other assets. In 2008, $9 million was reclassified from deferred
credits and other long-term liabilities to other assets in order to present comparable
figures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160; Classification
of Collateral</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2009, collateral paid to counterparties was reclassified
on the Consolidated Balance Sheets from accounts receivable to collateral paid in
order to be presented separately. In 2008, $37 million was also reclassified from
accounts receivable in order to present comparable figures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2009, collateral received from counterparties was reclassified
on the Consolidated Balance Sheets from accounts payable to collateral received
in order to be presented separately. In 2008, $24 million was also reclassified
from accounts payable in order to present comparable figures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">III.&#160;&#160;&#160; Classification
of Mining Development Costs</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2009, mining development costs were classified on the
Consolidated Balance Sheets as PP&amp;E. In 2008, $13 million was reclassified from
other assets to PP&amp;E in order to present comparable figures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">IV.&#160;&#160;&#160; Classification
of Debt</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s credit facilities extend for more than one
year, and as a result the outstanding balance of the Corporation&#146;s credit facilities
has been reclassified from short-term debt to recourse long-term debt on the Consolidated
Balance Sheets. In 2008, $443 million was reclassified in order to present comparable
figures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Current
Year Accounting Changes</font></b></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160; Financial
Instruments &#150; Disclosures</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;1, 2009, the Corporation adopted amendments to Section&nbsp;3862,
<i>Financial Instruments &#150; Disclosures,</i> to converge
with <i>Improving Disclosures about Financial Instruments (Amendments
to IFRS 7)</i>. The amendments expand the disclosures required in respect
of recognized fair value measurements and clarify existing principles for disclosures
about the liquidity risk associated with financial instruments. The implementation
of this standard did not have an impact upon the consolidated financial statements
as the disclosure requirements are already provided as part of the Corporation&#146;s
existing financial instrument disclosures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt 16.45pt;text-align:justify;text-autospace:none;text-indent:-16.4pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">14</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta Corporation<a name="PB_14_061253_2983"></a></font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160; Financial
Instruments &#150; Recognition and Measurement</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On July&nbsp;29, 2009, the Corporation retrospectively adopted,
to Jan.&nbsp;1, 2009, <i>Impairment of Financial Assets,</i>
amending Section&nbsp;3855, <i>Financial Instruments &#150; Recognition
and Measurement.</i> The amendments changed the categories into which debt
instruments could be classified and the impairment requirements for certain financial
assets. Consequential amendments to Section&nbsp;3025, <i>Impaired Loans</i>,
were made to incorporate these changes. The implementation of this standard did
not have an impact upon the consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On July&nbsp;1, 2009, the Corporation adopted <i>Embedded Derivatives on Reclassification of Financial Assets, </i>amending
Section&nbsp;3855, <i>Financial Instruments &#150; Recognition
and Measurement</i>. The amendment indicates that contracts with embedded
derivatives cannot be reclassified out of the held for trading category if the embedded
derivative cannot be fair valued. The implementation of this standard did not have
an impact upon the consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">III.&#160;&#160;&#160; Credit
Risk</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009, the Corporation adopted the Emerging Issues
Committee (&#147;EIC&#148;) Abstract 173, <i>Credit Risk and the Fair Value
of Financial Assets and Financial Liabilities</i>. Under EIC &#150; 173, an entity&#146;s
own credit risk and the credit risk of the counterparty should be taken into account
in determining the fair value of financial assets and liabilities, including derivative
instruments. Disclosure required as a result of adopting this standard can be found
in Note 9.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">IV.&#160;&#160;&#160; Deferral
of Costs and Internally Developed Intangibles</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009, the Corporation adopted Handbook Section&nbsp;3064,
<i>Goodwill and Intangible Assets,</i> replacing
Section&nbsp;3062, <i>Goodwill and Other Intangible
Assets,</i> and Section&nbsp;3450, <i>Research and Development Costs</i>.
Section&nbsp;3064 further defines that an internally developed intangible asset
must demonstrate technical feasibility, an intention for use or sale, the generation
of future economic benefits, and adequate access to resources to complete the development
of the intangible asset in order to be able to capitalize associated costs. The
implementation of this standard did not have an impact upon the consolidated financial
statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">V.&#160;&#160;&#160;&#160; Mining
Exploration Costs</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009, the Corporation adopted EIC &#150; 174, <i>Mining Exploration Costs</i>. EIC &#150; 174 provides guidance on the
capitalization of mining exploration costs, particularly when mining reserves have
not been proven. The EIC also defines when an impairment test should be performed
on previously capitalized costs. The implementation of this standard did not have
an impact upon the consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Prior Year
Accounting Changes</font></b></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160; Employee
Future Benefits</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2008, TransAlta assessed the accounting treatment for
the amortization of the past service costs and actuarial gains and losses on defined
benefit plans. In prior years, the past service costs and actuarial gains and losses
on defined benefit plans had been amortized using EARSL, which was determined by
the actuary to be seven years. As a result of the assessment, TransAlta amortized
the past service costs and actuarial gains and losses on defined benefit plans under
Canadian GAAP using EARL for plans whose members are almost all retired, which is
determined by the actuary to be 17 years. As the members of the Canadian Registered
Plan are now almost all inactive, starting in 2008 the past service costs from plan
amendments and the excess of the net cumulative unamortized actuarial gain or loss
over 10 per cent of the greater of the accrued benefit obligation and the market
value of plan assets will be amortized over EARL.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160; Financial
Instruments</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2007, TransAlta adopted four new accounting standards
that were issued by the CICA: Section&nbsp;1530, <i>Comprehensive
Income, </i>Section&nbsp;3855, <i>Financial Instruments &#150; Recognition
and Measurement,</i> Section&nbsp;3861, <i>Financial Instruments
&#150; Disclosure and Presentation, </i>and Section&nbsp;3865, <i>Hedges</i>. TransAlta adopted these standards retroactively with
an adjustment of opening AOCI solely related to accumulated unrealized foreign currency
losses on the translation of self-sustaining foreign operations.</font></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Section&nbsp;3861 outlines disclosure requirements that are designed
to enhance financial statement users&#146; understanding of the significance of financial
instruments to an entity&#146;s financial position, performance, and cash flows. The
presentation requirements outlined in this section have been adopted in the Corporation&#146;s
financial instruments presentation and related disclosure.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">III.&#160;&#160;&#160; Comprehensive
Income</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Section&nbsp;1530 introduces comprehensive income, which consists
of net earnings and OCI. OCI represents changes in shareholders&#146; equity during a
period arising from transactions and changes in prices, markets, interest rates,
and exchange rates and includes unrealized gains and losses on financial assets
classified as available-for-sale, unrealized foreign currency translation gains
or losses arising from self-sustaining foreign operations, net of hedging activities,
and changes in the fair value of the effective portion of cash flow hedging instruments.
TransAlta has included in the consolidated financial statements the Consolidated
Statements of Comprehensive Income. The cumulative changes in OCI are included in
AOCI, which is presented as a new category of shareholders&#146; equity on the Consolidated
Balance Sheets.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to Consolidated
Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">15</font><a name="PB_15_061253_6228"></a></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">IV.&#160;&#160;&#160; Financial
Instruments &#150; Recognition and Measurement</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Section&nbsp;3855 establishes standards for recognizing and measuring
financial assets, financial liabilities, and non-financial derivatives. It requires
that financial assets and financial liabilities, including derivatives, be recognized
on the Consolidated Balance Sheets when the Corporation becomes a party to the contractual
provisions of the financial instrument or non-financial derivative contract. Under
this standard, all financial instruments are required to be measured at fair value
upon initial recognition except for certain related party transactions. Measurement
in subsequent periods depends on whether the financial instrument has been classified
as held for trading, available-for-sale, held-to-maturity, loans and receivables,
or other financial liabilities. Transaction costs are expensed as incurred for financial
instruments classified or designated as held for trading. For other financial instruments,
transaction costs are capitalized on initial recognition and amortized using the
effective interest method. Financial liabilities are removed from the consolidated
financial statements when the liability is extinguished either through settlement
of or release from the obligation of the underlying liability.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial assets and financial liabilities held for trading are
measured at fair value with changes in those fair values recognized in net earnings.
Financial assets held-to-maturity, loans and receivables, and other financial liabilities
are measured at amortized cost using the effective interest method of amortization.
Investments in equity instruments classified as available-for-sale that do not have
a quoted market price in an active market are measured at cost.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Derivative instruments are recorded on the Consolidated Balance
Sheets at fair value, including those derivatives that are embedded in financial
or non-financial contracts that are not closely related to the host contracts. Changes
in the fair values of derivative instruments are recognized in net earnings with
the exception of the effective portion of (i)&nbsp;derivatives designated as effective
cash flow hedges or (ii)&nbsp;hedges of foreign currency exposure of a net investment
in a self-sustaining foreign operation, which are recognized in OCI.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Section&nbsp;3855 also provides an entity the option to designate
a financial instrument as held for trading (the fair value option) on its initial
recognition or upon adoption of the standard, even if the financial instrument,
other than loans and receivables, was not acquired or incurred principally for the
purpose of selling or repurchasing it in the near term. An instrument that is classified
as held for trading by way of this fair value option must have reliable fair values
and satisfy one of the following criteria (i)&nbsp;when doing so eliminates or significantly
reduces a measurement or recognition inconsistency that would otherwise arise from
measuring assets or liabilities, or recognizing gains and losses on them on a different
basis or (ii)&nbsp;it belongs to a group of financial assets, financial liabilities
or both which are managed and evaluated on a fair value basis in accordance with
TransAlta&#146;s risk management strategy, and are reported to senior management personnel
on that basis.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Other significant accounting implications arising upon the adoption
of Section&nbsp;3855 include the use of the effective interest method of amortization
for any transaction costs or fees, premiums or discounts earned or incurred for
financial instruments measured at amortized cost, and the recognition of the inception
fair value of the obligation undertaken in issuing a guarantee that meets the definition
of a guarantee pursuant to Accounting Guideline 14, <i>Disclosure of
Guarantees</i> (&#147;AcG-14&#148;). No subsequent re-measurement at fair value is
required unless the financial guarantee qualifies as a derivative. If the financial
guarantee meets the definition of a derivative it is remeasured at fair value at
each balance sheet date and reported as a derivative in other assets or other liabilities,
as appropriate.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In addition, Section&nbsp;3855 requires that an entity must select
an accounting policy of either expensing debt issue costs as incurred or applying
them against the carrying value of the related asset or liability. TransAlta is
currently applying all eligible debt transaction costs against the carrying value
of the debt.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As part of the implementation of Handbook Section&nbsp;3855,
TransAlta selected Jan.&nbsp;1, 2003 as the transition date with respect to the
assessment of embedded derivatives. TransAlta recognizes as separate assets and
liabilities only those derivatives embedded in hybrid instruments issued, acquired
or substantively modified on or after the selected transition date.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">V.&#160;&#160;&#160;&#160; Hedges</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Section&nbsp;3865 specifies the criteria that must be satisfied
in order for hedge accounting to be applied and the accounting for each of the permitted
hedging strategies: fair value hedges, cash flow hedges, and hedges of foreign currency
exposures of net investments in self-sustaining foreign operations. Hedge accounting
is discontinued prospectively when the derivative no longer qualifies as an effective
hedge, or the derivative is terminated or sold, or upon the sale or early termination
of the hedged item.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In a fair value hedging relationship, the carrying value of the
hedged item is adjusted for changes in fair value attributable to the hedged risk
and recognized in net earnings. Changes in the fair value of the hedged item, to
the extent that the hedging relationship is effective, are offset by changes in
the fair value of the hedging derivative, which is also recorded in net earnings.
When hedge accounting is discontinued, the carrying value of the hedged item is
no longer adjusted and the cumulative fair value adjustments to the carrying value
of the hedged item are amortized to net earnings over the remaining term of the
original hedging relationship.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In a cash flow hedging relationship, the effective portion of
the change in the fair value of the hedging derivative is recognized in OCI while
any ineffective portion is recognized in net earnings. When hedge accounting is
discontinued, the amounts previously recognized in AOCI are reclassified to net
earnings during the periods when the variability in the cash flows of the hedged
item affects net earnings. Gains and losses on derivatives are reclassified immediately
to net earnings when the hedged item is sold or early terminated, or it is probable
that the anticipated transaction will not occur.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In hedging a foreign currency exposure of a net investment in
a self-sustaining foreign operation, the effective portion of foreign exchange gains
and losses on the hedging instruments is recognized in OCI and the ineffective portion
is recognized in net earnings. The amounts previously recognized in AOCI are recognized
in net earnings when there is a reduction in the hedged net investment as a result
of a dilution or sale of the net investment or reduction in equity of the foreign
operation as a result of dividends or distributions.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt 16.6pt;text-align:justify;text-autospace:none;text-indent:-16.55pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">16</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta Corporation<a name="PB_16_061253_6479"></a></font></p>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Prior to the adoption of Section&nbsp;3865, gains and losses
on physical and financial swaps, forward sales contracts, futures contracts and
options used to hedge the Corporation&#146;s exposure to fluctuations in electricity
and natural gas prices related to output from the plants and designated as hedges
were recognized in net earnings in the same period and financial statement caption
as the hedged exposure (settlement accounting). The derivatives were not recorded
on the Consolidated Balance Sheets. Foreign currency forward contracts used to hedge
the foreign exchange exposures resulting from anticipated contracts and firm commitments
denominated in foreign currencies where hedge criteria were met were not recognized
on the Consolidated Balance Sheets. Interest rate swaps used to manage the impact
of fluctuating interest rates on existing debt were not recognized on the Consolidated
Balance Sheets if they met hedge criteria.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">VI.&#160;&#160;&#160; Impact
upon adoption of Sections 1530, 3855 and 3865</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For hedging relationships existing prior to adopting Section&nbsp;3865
that continue to qualify for hedge accounting under the new standard, the transition
accounting is as follows: (i)&nbsp;fair value hedges &#150; any gain or loss on the hedging
instrument was recognized in opening retained earnings and the carrying amount of
the hedged item was adjusted by the cumulative change in fair value attributable
to the designated hedged risk and was also included in opening retained earnings
and (ii)&nbsp;cash flow hedges and hedges of net investments in self-sustaining
foreign operations &#150; the effective cumulative portion of any gain or loss on the
hedging instrument was recognized in AOCI and the cumulative ineffective portion
was included in opening retained earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">D.&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Future
Accounting Changes</font></b></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160; Business
Combinations and Non-Controlling Interests</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In January&nbsp;2009, the Accounting Standards Board of Canada
(&#147;AcSB&#148;) issued Section&nbsp;1582, <i>Business Combinations,</i>
Section&nbsp;1601, <i>Consolidated Financial Statements,</i>
and Section&nbsp;1602, <i>Non-controlling Interests</i>
which will be adopted concurrently. Section&nbsp;1582 and Section&nbsp;1602 propose
significant changes with respect to accounting for business combinations and to
the accounting and presentation of non-controlling interests, respectively. Section&nbsp;1601
is a replacement of Section&nbsp;1600, <i>Consolidated Financial Statements,</i>
and its implementation is not expected to have an impact upon the consolidated financial
position or results of operations. The Corporation is currently assessing the
impact of adopting the above standards on the consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#949d50" face="Arial" style="color:#949D50;font-size:8.0pt;font-weight:bold;">II. &#160;&#160;&#160; International
Financial Reporting Standards (&#147;IFRS&#148;) Convergence</font></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2005, the AcSB announced that accounting standards in Canada
are to converge with IFRS. On May&nbsp;8, 2009, the AcSB re-confirmed that IFRS
will be required for interim and annual financial statements commencing on Jan.&nbsp;1,
2011, with appropriate comparative IFRS financial information for 2010. While IFRS
uses a conceptual framework similar to Canadian GAAP, there are significant differences
in accounting policies that will be addressed as part of the convergence project.
In respect of PP&amp;E, additional disclosures reconciling the changes in individual
classes of PP&amp;E and accumulated amortization will be required, and costs related
to major inspection activities will be recognized as part of the carrying value
of PP&amp;E and depreciated over the period until the next major inspection. For
employee future benefits, an entity may recognize as at Jan.&nbsp;1, 2010, all experience
and transitional gains and losses related to employee future benefits to retained
earnings with subsequent experience gains and losses being recorded in other comprehensive
income. Long-term contracts deemed to be finance leases results in the associated
PP&amp;E being removed from the Consolidated Balance Sheets and replaced with a
long-term receivable representing the present value of lease payments to be received
over the life of the contract. Payments received under the contract are recorded
in revenue and interest income, dependent upon the interest rate and duration of
the contract.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The project is on track and is currently in the solution development
and implementation phase. Cross-functional, issue-specific teams have been established
to analyze the impacts of adopting IFRS, and focus on developing and implementing
specific solutions for convergence.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A steering committee, comprised of senior representatives across
the Corporation, has been established to monitor the progress and critical decisions
in the transition to IFRS, and continues to meet regularly. Quarterly updates are
provided to the Audit and Risk Committee. The Corporation is continuing to assess
the impact of adopting these standards on the consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">3.&#160;&#160; WRITEDOWN OF MINING DEVELOPMENT COSTS</font></i></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2006, TransAlta ceased mining activities at the Centralia
mine but continued to develop the option to mine the Westfield site, a coal reserve
located adjacent to Centralia Thermal. With the successful modifications of the
boilers at Centralia Thermal and longer-term contracts in place to supply coal,
in 2009 the project to develop the Westfields site, has now been placed on hold
indefinitely and the costs that have been capitalized were expensed.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">4.&#160;&#160; OTHER INCOME</font></i></b></p>

<p style="line-height:10.5pt;margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2009, the Corporation sold a 17 per cent interest in its
Kent Hills project to Natural Forces Technologies Inc. (&#147;Natural Forces&#148;) for proceeds
of $29 million, and recorded a pre-tax gain of $1 million. During 2009, the Corporation
settled an outstanding commercial issue related to the sale of its Mexican equity
investment for a pre-tax gain of $7 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2008 and 2007, mining equipment with a net book value
of $2 million and $31 million related to the cessation of mining activities at the
Centralia coal mine was sold for proceeds of $7 million and $47 million, respectively.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">17</font><a name="PB_17_061253_2639"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">5.</font></i></b><i><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160; </font></i><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">NON-CONTROLLING
INTERESTS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Consolidated Statements of Earnings</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Stanley Power&#146;s interest in
  TransAlta Cogeneration L. P. </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 32)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">23</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">25 per cent interest in Saranac
  Partnership not owned by CE Gen</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Natural Forces&#146; interest in Kent
  Hills </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Consolidated
Balance Sheets</b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:73.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Stanley Power&#146;s interest in
  TransAlta Cogeneration L. P.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">434</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">449</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">25 per cent interest in Saranac Partnership
  not owned by CE Gen</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Natural Forces&#146; interest in Kent
  Hills</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">28</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">478</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">469</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The change in non-controlling interests is outlined below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="85%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:85.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Balance, Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">469</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Distributions paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(58</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="padding:0in 0in 0in 0in;width:85.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-controlling interests portion
  of net earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">38</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:85.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Proceeds on sale of minority
  interest in Kent Hills </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="85%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:85.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">As at
  Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">478</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Consolidated
Statements of Cash Flows</b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The allocation of the distributions paid by subsidiaries to
non-controlling interests is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Stanley Power</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">59</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">65</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Minority interests of Saranac
  Partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">39</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Natural Forces</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">58</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">98</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">87</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">6.</font></i></b><i><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160; </font></i><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">INCOME
TAXES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Consolidated
Statements of Earnings</b></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">I.</font></b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Rate
Reconciliations</b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings before
  income taxes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">196</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">258</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">329</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(97</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(50</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings before
  income taxes and equity loss</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">196</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">355</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">379</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Statutory Canadian federal and
  provincial income tax rate (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">29</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Expected income tax expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">57</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">105</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">121</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Increase (decrease) in income taxes
  resulting from:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Lower effective foreign tax rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(29</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(36</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Resolution of uncertain tax
  positions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Tax recovery on sale of Mexican
  equity investment </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(35</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capital taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Effect of tax rate changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(48</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Statutory and other rate
  differences</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Income tax expense</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Effective tax rate
  (%</font></b><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">II.</font></b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Components of Income Tax Expense</b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current tax (recovery) expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">54</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Future income tax expense related
  to the origination and reversal of temporary differences</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Future income tax (recovery)
  expense resulting from changes in tax rates or laws</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(48</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:60.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Income tax expense</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">18</font><a name="PB_18_020221_7056"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta
  Corporation</font></a></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Consolidated
Balance Sheets</b></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Significant
components of the Corporation&#146;s future income tax assets (liabilities) are as
follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:73.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net operating and capital loss
  carryforwards</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">297</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">231</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Future site restoration costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">75</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">71</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Property, plant, and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(839</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(736</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk management assets and liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(82</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(52</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Employee future benefits and
  compensation plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Allowance for doubtful accounts</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other deductible temporary
  differences</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">81</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:73.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net future income
  tax liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(473</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(359</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">7.</font></i></b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;">&#160;&#160;&#160;&#160; <b>FINANCIAL INSTRUMENTS</b></font></i></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.</font></b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>Analysis
of Financial Assets and Liabilities by Measurement Basis</b></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Financial assets and financial
liabilities are measured on an ongoing basis at cost, fair value, or amortized
cost <i>(Note 1 (F))</i>. The following table
analyses the carrying amounts of the financial assets and liabilities by
category:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Carrying value of financial
  instruments as at Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Derivatives</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Derivatives</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">classified</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">used for</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">as held</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Loans and</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">financial</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">hedging</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">for trading</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">receivables</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">82</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">82</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">421</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">421</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Collateral paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk management assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 33.15pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">130</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 33.15pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">219</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">224</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial
  liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts payable and accrued
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">521</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">521</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Collateral received</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">86</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">86</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk management liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 33.15pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">28</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">45</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 33.15pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">75</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">78</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt recourse</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,864</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,864</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt non-recourse</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">578</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">578</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Carrying value of financial
  instruments as at Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Derivatives</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Derivatives</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">classified</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">used for</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">as held</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Loans and</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">financial</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">hedging</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">for trading</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">receivables</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">505</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">505</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Collateral paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">37</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">37</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk management assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 33.15pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">121</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">79</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 33.15pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">220</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">221</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial
  liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts payable and accrued
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">658</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">658</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Collateral received</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk management liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 33.15pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">74</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">74</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">148</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 33.15pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">96</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">102</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt recourse</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,543</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,543</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 22.35pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt non-recourse</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">265</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">265</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &nbsp;Includes current portion.</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
  Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">19</font><a name="PB_19_033251_7056"></a></p>
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.&nbsp;&nbsp;&nbsp;
Fair Value of Financial Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The fair value of a financial instrument is the amount of
consideration that would be agreed upon in an arm&#146;s-length transaction between
knowledgeable and willing parties who are under no compulsion to act. Fair
values can be determined by reference to prices for that instrument in active
markets to which the Corporation has access. In the absence of an active
market, the Corporation determines fair values based on valuation models or by
reference to other similar products in active markets.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair values determined using valuation models require the
use of assumptions. In determining those assumptions, the Corporation looks
primarily to external readily observable market inputs. In limited
circumstances, the Corporation uses input parameters that are not based on
observable market data.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" color="#949d51" face="Arial" style="color:#949D51;font-size:10.0pt;font-weight:bold;">I.&nbsp;&nbsp;&nbsp; Level Determinations and Classifications</font></b></p>

<p style="margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Level
I,&nbsp;II and III classifications in the fair value hierarchy utilized by the
Corporation are defined as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">Level I</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair values are determined using inputs that are quoted
prices (unadjusted) in active markets for identical assets or liabilities that
the Corporation has the ability to access. In determining Level I Energy
Trading fair values, the Corporation uses quoted prices for identically traded
commodities obtained from active exchanges such as the New York Mercantile
Exchange.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">Level II</font></p>

<p style="margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair values
are determined using inputs other than unadjusted quoted prices that are
observable for the asset or liability, either directly or indirectly.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Energy Trading fair values falling within the Level II
category are determined through the use of quoted prices in active markets
adjusted for factors specific to the asset or liability, such as basis and
location differentials. The Corporation includes over-the-counter derivatives
with values based upon observable commodity futures curves and derivatives with
input validated by broker quotes or other publicly available market data
providers in Level II. Level II fair values also include fair values determined
using valuation techniques, such as option pricing models and regression or
extrapolation formulas, where the inputs are readily observable, including
commodity prices for similar assets or liabilities in active markets, and
implied volatilities for options.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In determining Level II fair values of other risk management
assets and liabilities, the Corporation uses observable inputs other than
unadjusted quoted prices that are observable for the asset or liability, such
as interest rate yield curves and currency rates. For certain financial
instruments where insufficient trading volume or lack of recent trades exists,
the Corporation relies on similar interest or currency rate inputs and other
third-party information such as credit spreads.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">Level III</font></p>

<p style="margin:2.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair values
are determined using inputs for the asset or liability that are not readily
observable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In limited circumstances, Energy Trading may enter into
commodity transactions involving non-standard features for which
market-observable data is not available. In these cases, Level III fair values
are determined using valuation techniques with inputs that are based on
historical data such as unit availability, transmission congestion, demand
profiles, and/or volatilities and correlations between products derived from
historical prices. Where commodity transactions extend into periods for which
market-observable prices are not available, an internally-developed fundamental
price forecast is used in the valuation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As a result of the acquisition of Canadian Hydro, TransAlta
also has various contracts with terms that extend beyond five years <i>(Note 24)</i>. Valuation of these contracts must be extrapolated
as the lengths of these contracts make reasonably alternate fundamental price
forecasts unavailable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The fair value measurement of a financial instrument is
included in only one of the three levels, the determination of which is based
upon the lowest level input that is significant to the derivation of the fair
value.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The fair values of the Corporation&#146;s financial assets and
liabilities are outlined below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="39%" colspan="7" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:39.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">carrying</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(3)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">value</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial assets
  and liabilities measured at fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net risk management assets
  (liabilities)</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">271</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">245</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">245</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial assets
  and liabilities measured at other than fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,499</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,499</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,442</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="39%" colspan="7" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:39.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">carrying</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As&nbsp;at&nbsp;Dec.&nbsp;31,&nbsp;2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.26%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">value</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial assets
  and liabilities measured at fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net risk management assets</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">170</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">171</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">171</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial assets
  and liabilities measured at other than fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:45.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,542</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,542</font></p>
  </td>
  <td width="2%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,808</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 7.9pt;text-autospace:none;text-indent:-7.9pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Excludes financial assets and
liabilities where book value approximates fair value due to the liquid nature
of the asset or liability (cash and cash equivalents, accounts receivable,
collateral paid, accounts payable and accrued liabilities, and collateral
received).</font></i></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2</font></i><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Includes Energy Trading and other
risk management assets and liabilities on a net basis (Note 9).</font></i></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">3</font></i><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Resulting primarily from the acquisition
of Canadian Hydro (Note 24).</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:7.0pt;">20</font><a name="PB_20_034801_2897"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta
  Corporation</font></a></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">II.&nbsp;&nbsp;&nbsp;&nbsp; Fair Values
Determined Using Valuation Models (Levels II&nbsp;&amp; III)</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Fair values determined using valuation models require the use
of assumptions. Where assumptions and inputs are based on readily observable
market data, the fair values are categorized as Level II. The key inputs to
valuation models and regression or extrapolation formulas include interest rate
yield curves, currency rates, credit spreads, implied volatilities, and
commodity prices for similar assets or liabilities in active markets, as
applicable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Where the fair values have been developed using valuation
models based on unobservable or internally developed assumptions or inputs
(Level III Energy Trading Risk Management fair values), the key inputs include
historical data such as plant performance, volatilities and correlations
between products derived from historical prices, congestion on transmission
paths, or demand profiles for individual non-standard deals and structured
products. In limited circumstances, an internally-developed fundamental price
forecast is used when commodity transactions extend into periods for which
market-observable prices are not available.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The effect of using reasonably possible alternative
assumptions as inputs to valuation techniques from which the Level III Energy
Trading fair values are determined at Dec.&nbsp;31, 2009 is estimated to be +/-
$24 million (2008&#150;nil). This estimate is based on a +/- one standard deviation
move from the mean where historical data is used in the valuation. Where an
internally-developed fundamental price forecast is used, reasonably alternate
fundamental price forecasts sourced from external consultants are included in
the estimate. For contracts with terms that extend beyond five years, valuation
must be extrapolated as the lengths of these contracts make reasonably
alternate fundamental price forecasts unavailable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The total change in fair value estimated using a valuation
technique with unobservable inputs, for financial assets and liabilities
measured and recorded at fair value, that was recognized in pre-tax net
earnings for the year ended Dec.&nbsp;31, 2009 was a $1 million gain (2008&#150;$16
million gain). A reconciliation of the movements in risk management fair values
by Level, as well as additional Level III gain (loss) information can be found
in Note 9.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.</font></b><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Inception Gains and Losses</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The majority of derivatives traded by the Corporation are
not traded on an active exchange or extend beyond the time period for which
exchange-based quotes are available. The fair values of these derivatives have
been determined using valuation techniques or models.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In some instances, a difference may arise between the fair
value of a financial instrument at initial recognition (&#147;the transaction
price&#148;) and the amount calculated through a valuation model. This unrealized
gain or loss at inception is recognized in net earnings only if the fair value
of the instrument is evidenced by a quoted market price in an active market,
observable current market transactions that are substantially the same, or a
valuation technique that uses observable market inputs. Where these criteria
are not met, the difference is deferred on the Consolidated Balance Sheets in
risk management assets or liabilities, and is recognized in net earnings over
the term of the related contracts. The difference yet to be recognized in net
earnings and a reconciliation of changes during the period is as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:63.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Unamortized gain at beginning of
  year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">New transactions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="padding:0in 0in 0in 0in;width:63.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Recognized in the Consolidated
  Statements of Earnings during the period:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:63.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:63.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Unamortized (loss)
  gain at end of year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">D.</font></b><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Nature and Extent of Risks Arising from
Financial Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following discussion is limited to the nature and extent
of risks arising from financial instruments.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">I.&nbsp;&nbsp;&nbsp;&nbsp; Market Risk </font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">a.&nbsp;&nbsp;&nbsp; Commodity Price Risk</font></b></p>

<p style="line-height:10.5pt;margin:3.0pt 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has exposure to movements in certain
commodity prices in both its electricity generation and proprietary trading
businesses, including the market price of electricity and fuels used to produce
electricity. Most of the Corporation&#146;s electricity generation and related fuel
supply contracts are considered to be contracts for delivery or receipt of a
non-financial item in accordance with expected NPNS contracts that are not
considered to be financial instruments. As such, the discussion related to
commodity price risk is limited to the Corporation&#146;s proprietary trading
business and commodity derivatives used in hedging relationships associated
with the Corporation&#146;s electricity generating activities.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has a Commodity Exposure Management Policy
(the &#147;Policy&#148;) that governs both the commodity transactions undertaken in its
proprietary trading business and those undertaken to manage commodity price
exposures in its generation business. The Policy defines and specifies the
controls and management responsibilities associated with commodity activities,
as well as the nature and frequency of required reporting of such activities. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-style:italic;font-weight:bold;">i.</font></i></b><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;
<i>Commodity Price Risk &#151; Proprietary Trading</i></font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s COD segment
conducts proprietary trading activities and uses a variety of instruments to
manage risk, earn trading revenue, and gain market information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
  Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">21</font><a name="PB_21_035535_7748"></a></p>
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In compliance with the Policy, proprietary trading
activities are subject to limits and controls, including Value at Risk (&#147;VaR&#148;)
limits. The Board of Directors approves the limit for total VaR from
proprietary trading activities. VaR is the most commonly used metric employed
to track and manage the market risk associated with trading positions. A VaR
measure gives, for a specific confidence level, an estimated maximum pre-tax
loss that could be incurred over a specified period of time. VaR is used to
determine the potential change in value of the Corporation&#146;s proprietary
trading portfolio, over a three day period within a 95 per cent confidence
level, resulting from normal market fluctuations. VaR is estimated using the
historical variance/covariance approach.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">VaR is a measure that has certain inherent limitations. The
use of historical information in the estimate assumes that price movements in
the past will be indicative of future market risk. As such, it may only be
meaningful under normal market conditions. Extreme market events are not
addressed by this risk measure. In addition, the use of a three day measurement
period implies that positions can be unwound or hedged within three days,
although this may not be possible if the market becomes illiquid.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation recognizes the limitations of VaR and
actively uses other controls, including restrictions on authorized instruments,
volumetric and term limits, stress-testing of individual portfolios and of the
total proprietary trading portfolio, and management reviews when loss limits
are triggered.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Changes in market prices associated with proprietary trading
activities affect net earnings in the period that the price changes occur. VaR
at Dec.&nbsp;31, 2009 associated with the Corporation&#146;s proprietary trading
activities was $3 million (2008 &#150; $6 million).</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><i><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-style:italic;font-weight:bold;">ii.</font></i></b><b><i><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-style:italic;font-weight:bold;">&nbsp;&nbsp;&nbsp; </font></i></b><b><i><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-style:italic;font-weight:bold;">Commodity Price Risk &#151; Generation</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Generation segment utilizes various commodity contracts
to manage the commodity price risk associated with its electricity generation,
fuel purchases, emissions, and byproducts, as considered appropriate. A
Commodity Exposure Management Plan is prepared and approved annually, which
outlines the intended hedging strategies associated with the Corporation&#146;s
generation assets and related commodity price risks. Controls also include
restrictions on authorized instruments, management reviews on individual
portfolios, and approval of asset transactions that could add potential
volatility to the Corporation&#146;s reported net earnings.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In addition, certain electricity sale contracts do not
qualify as NPNS contracts. These contracts are designated as all-in-one hedges
and result in a net asset or liability position on the Consolidated Balance
Sheets. Upon physical delivery of the commodity, TransAlta receives a gross
settlement at the contracted price. Upon receipt of payment, the related net
risk management asset or liability is eliminated. If an all-in-one hedge
contract cannot be settled by physical delivery of the underlying commodity, it
will be settled financially.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta has entered into various contracts with other
parties whereby the other parties have agreed to pay a fixed price for
electricity to TransAlta based on the average monthly Alberta Power Pool
prices. While the contracts do not create any obligation for the physical
delivery of electricity to other parties, the Corporation believes it has
sufficient electrical generation available to satisfy these contracts.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Changes in market prices associated with cash flow hedges do
not affect net earnings in the period in which the price change occurs.
Instead, changes in fair value are deferred until settlement through OCI, at
which time the net gain or loss resulting from the combination of the hedging
instrument and hedged item affects net earnings.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">VaR at Dec.&nbsp;31, 2009 associated with the Corporation&#146;s
commodity derivative instruments used in generation hedging activities was $45
million (2008&#150;$86 million).</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s policy on asset-backed transactions is to
seek NPNS contract status or hedge accounting treatment. For positions and
economic hedges that do not meet hedge accounting requirements or short-term
optimization transactions such as buybacks entered into to offset existing
hedge positions, these transactions are marked to the market value with changes
in market prices associated with these transactions affecting net earnings in
the period in which the price change occurs. VaR at Dec.&nbsp;31, 2009
associated with the Corporation&#146;s commodity derivative instruments used in the
generation business, but which are not designated as hedges, was nil (2008 &#150;
nil).</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">b.</font></b><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp; </font></b><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Interest Rate Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Interest rate risk arises as the fair value or future cash
flows of a financial instrument can fluctuate because of changes in market
interest rates. Changes in interest rates can impact the Corporation&#146;s
borrowing costs and the capacity revenues received from Power Purchase
Arrangements (&#147;PPAs&#148;). Changes in the cost of capital may also affect the
feasibility of new growth initiatives.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The possible effect on net earnings and OCI for the years
ended Dec.&nbsp;31, 2009, 2008, and 2007, due to changes in market interest
rates affecting the Corporation&#146;s floating rate debt, interest-bearing assets,
and held for trading and hedging interest rate derivatives outstanding at the
balance sheet date, is outlined below. The sensitivity analysis has been
prepared using management&#146;s assessment that a 50 basis point increase or
decrease is the most reasonably possible change in market interest rates over
the next quarter and is consistent with a +/&#150; one standard deviation move from
the mean.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">increase </font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">OCI loss</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">increase</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">OCI loss</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">increase</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">OCI loss</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">50 basis point
  change</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(10</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;This calculation assumes a
decrease in market interest rates. An increase would have the opposite effect.</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:7.0pt;">22</font><a name="PB_22_040243_7608"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.5pt;">&nbsp;</font></a><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta Corporation</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">c.</font></b><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp; </font></b><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Currency Rate Risk</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has exposure to various currencies, such as
the Euro, and the U. S., and Australian dollars, as a result of investments and
operations in foreign jurisdictions, the net earnings from those operations,
and the acquisition of equipment and services from foreign suppliers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The foreign currency risk sensitivities outlined below are
limited to the risks that arise on financial instruments denominated in
currencies other than the functional currency.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The possible effect on net earnings and OCI for the years
ended Dec, 31, 2009, 2008, and 2007, due to changes in the exchange rates
associated with financial instruments outstanding at the balance sheet date, is
outlined below. The sensitivity analysis has been prepared using management&#146;s
assessment that a five cent increase or decrease in these currencies relative to
the Canadian dollar is a reasonable potential change over the next quarter and
is consistent with a +/- one standard deviation move from the mean.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Currency</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">decrease</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">OCI gain</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1, 2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">decrease</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">OCI gain</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1, 2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">decrease</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">OCI gain</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1, 2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">U.S.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">AUD</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Euro</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">These calculations assume an increase in the value of these currencies
relative to the Canadian dollar. A decrease would have the opposite effect.</font></i></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">The foreign exchange impact related to financial instruments used as
the hedging instruments in the net investment hedges have been excluded.</font></i></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">II.&nbsp;&nbsp;&nbsp; Credit Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:3.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Credit risk is the risk that customers or counterparties
will cause a financial loss for the Corporation by failing to discharge their
obligations, and the risk to the Corporation associated with changes in
creditworthiness of entities with which commercial exposures exist. The
Corporation actively manages its exposure to credit risk by assessing the
ability of counterparties to fulfill their obligations under the related
contracts prior to entering into such contracts. The Corporation makes detailed
assessments of the credit quality of all counterparties and, where appropriate,
obtains corporate guarantees, cash collateral, and/or letters of credit to
support the ultimate collection of these receivables. For commodity trading and
origination, the Corporation sets strict credit limits for each counterparty
and monitors exposures on a daily basis. TransAlta uses standard agreements
that allow for the netting of exposures and often include margining provisions.
If credit limits are exceeded, TransAlta will request collateral from the
counterparty or halt trading activities with the counterparty. TransAlta is
exposed to minimal credit risk for Alberta Generation PPAs as receivables are
substantially all secured by letters of credit.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, TransAlta had one counterparty whose
net settlement position accounted for greater than 10 per cent of the total
trade receivables outstanding at year-end.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s maximum exposure to credit risk at
Dec.&nbsp;31, 2009, without taking into account collateral held, is represented
by the current carrying amounts of accounts receivable and risk management
assets as per the Consolidated Balance Sheets. Letters of credit and cash are
the primary types of collateral held as security related to these amounts. The
maximum credit exposure to any one customer for commodity trading operations
and hedging, excluding the California market receivables and including the fair
value of open trading positions, net of any collateral held, at Dec.&nbsp;31,
2009 was $63 million (2008 - $105 million).</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation uses external credit ratings, as well as
internal ratings in circumstances where external ratings are not available, to
establish credit limits for counterparties. The following table outlines the
distribution, by credit rating, of financial assets as at Dec.&nbsp;31, 2009:</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Investment</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Non-investment</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Per cent (%)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">grade</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">grade</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">92</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">100</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk management assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">100</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation utilizes an allowance
for doubtful accounts to record potential credit losses associated with trade
receivables. A reconciliation of the account for the year is presented in Note
8.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, the
Corporation did not have any significant past due trade receivables.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">III.&nbsp;&nbsp;Liquidity Risk</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Liquidity risk relates to the Corporation&#146;s ability to
access capital to be used in proprietary trading activities, commodity hedging,
capital projects, debt refinancing, and general corporate purposes. Investment
grade ratings support these activities and provide better access to capital
markets through commodity and credit cycles. TransAlta is focused on
maintaining a strong balance sheet and stable investment grade credit ratings.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Counterparties enter into certain electricity and natural
gas purchase and sale contracts for the purposes of asset-backed sales and
proprietary trading. The terms and conditions of these contracts may require
the counterparties to provide collateral when the fair value of the obligation
pursuant to these contracts is in excess of any credit limits granted.
Downgrades in creditworthiness by certain credit rating agencies may decrease
the credit limits granted and accordingly increase the amount of collateral
that may have to be provided.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta manages liquidity risk by monitoring liquidity on
trading positions, preparing and revising longer-term financing plans to
reflect changes in business plans and the market availability of capital,
reporting liquidity risk exposure for proprietary trading activities on a
regular basis to the Exposure Management Committee, senior management, and
Board of Directors, and maintaining investment grade credit ratings.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
  Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">23</font><a name="PB_23_041339_7091"></a></p>
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='23',FILE='C:\JMS\nsampath\10-4104-1\task3950703\4104-1-km-07.htm',USER='105226',CD='Feb 24 08:09 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A maturity analysis for the
Corporation&#146;s financial liabilities is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2015 and</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2011</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2012</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2013</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2014</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">thereafter</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts payable and accrued
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">521</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">521</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Collateral received</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">86</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">86</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">251</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,090</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">659</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">231</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,203</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,463</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Energy Trading risk management
  (assets) liabilities</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(112</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(103</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(76</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(271</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other risk management liabilities
  (assets)</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest on long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">224</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">203</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">183</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">170</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">142</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">600</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,522</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">763</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">344</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,197</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">817</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">374</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,852</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,347</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Excludes impact of hedge accounting and includes credit facilities that
are currently scheduled to mature in 2012 and 2013.</font></i></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2</font></i><i><font size="1" style="font-size:6.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Net risk management assets and liabilities (Note 9).</font></i></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">E.&nbsp;&nbsp;&nbsp; Financial Instruments
Provided as Collateral</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, $45 million (2008 &#151; $63 million) of
financial assets, consisting of cash and accounts receivable, related to the
Corporation&#146;s proportionate share of CE Gen have been pledged as collateral for
certain CE Gen debt. Should any defaults occur the debt-holders would have
first claim on these assets.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, the Corporation provided $27 million
(2008 &#151; $37 million) in cash as collateral to regulated clearing agents as
security for commodity trading activities. These funds are held in segregated
accounts by the clearing agents.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">F.&nbsp;&nbsp;&nbsp; Financial Assets Held as
Collateral</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, the Corporation received $86 million
(2008 &#151; $24 million) in cash as collateral associated with counterparty obligations.
Under the terms of the contract, the Corporation may be obligated to pay
interest on the outstanding balance and to return the principal when the
counterparty has met its contractual obligations, or when the amount of the
obligation declines as a result of changes in market value. Interest payable to
the counterparties on the collateral received is calculated in accordance with
each contract.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">G.&nbsp;&nbsp;&nbsp; Gains and Losses on
Financial Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s COD segment utilizes a variety of derivatives
in its proprietary trading activities, including certain commodity hedging
activities that do not qualify for hedge accounting or where a choice was made
not to apply hedge accounting as well as other contracting activities, and the
related assets and liabilities are classified as held for trading. The net
realized and unrealized gains or losses from changes in the fair value of
derivatives are reported as revenue in the period the change occurs. For the
year ended Dec.&nbsp;31, 2009, the COD segment recognized a net unrealized loss
of $6 million (2008 &#150; $2 million net unrealized loss, 2007 &#150; $3 million net
unrealized loss).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s Generation segment utilizes a variety of
derivatives in its operations, including certain commodity hedges that do not
qualify for hedge accounting or where a choice was made not to apply hedge
accounting as well as other contracting activities, and the related assets and
liabilities are classified as held for trading. The net unrealized gains or
losses from changes in the fair value of derivatives are reported as revenue in
the period the change occurs. For the year ended Dec.&nbsp;31, 2009, the
Generation segment recognized a net unrealized gain of $3 million (2008 &#150; $12
million net unrealized loss, 2007 &#150; $30 million net unrealized loss).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Net interest expense as reported on the Consolidated
Statements of Earnings includes interest income and expense, respectively, on
the Corporation&#146;s interest-bearing financial assets, primarily cash, and its
interest-bearing financial liabilities, primarily long-term debt. Interest
expense is calculated using the effective interest method <i>(Note 17)</i>.
Interest rate derivatives that are not designated as hedges are classified as
held for trading and are marked-to-market each reporting period with the net
gain or loss recorded in net interest expense.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Foreign exchange derivatives that are not designated as
hedges are also classified as held for trading, with the net foreign exchange
gain or loss on Energy Trading derivatives recorded in revenue, and the net
gain or loss on other foreign exchange derivatives recorded in foreign exchange
gain (loss) on the Consolidated Statements of Earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Other derivatives that are not designated as hedges are also
classified as held for trading, with the net gain or loss recorded in
operations, maintenance, and administration expense. Other derivatives consist
of a total return swap that fixes a portion of the settlement cost of certain
employee compensation and deferred share unit programs. The total return swap
is cash settled every quarter.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The table below outlines the net realized and unrealized
gains and losses included in net earnings that are associated with derivatives
not designated as hedges:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="71%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange derivatives
  (losses) gains</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="padding:0in 0in 0in 0in;width:71.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest rate derivatives losses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other derivatives gains</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Times New Roman" style="color:#00A4E4;font-size:7.0pt;">24</font><a name="PB_24_042034_4141"><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta
  Corporation</font></a></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">8.&#160;&#160;&#160;&#160; ACCOUNTS RECEIVABLE</font></i></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gross accounts receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">470</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">562</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Allowance for doubtful accounts </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 28)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(49</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(57</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net accounts
  receivable</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">421</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">505</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">The change in allowance for
  doubtful accounts is outlined below:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Balance, Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">57</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change in foreign exchange rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balance,
  Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">49</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">9.&#160;&#160;&#160;&#160; RISK MANAGEMENT ASSETS AND
LIABILITIES</font></i></b></p>

<p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-17.95pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Risk management assets and liabilities are comprised of two
major types: (1)&nbsp;those that are used in the COD and Generation segments in
relation to trading activities and certain contracting activities (&#147;Energy
Trading&#148;) and (2)&nbsp;those used in hedging non-Energy Trading transactions,
such as debt, and the net investment in self-sustaining foreign subsidiaries
(&#147;other risk management assets and liabilities&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The
overall balances reported in risk management assets and liabilities are shown
below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Energy</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Energy</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balance Sheet&#150;Totals</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Trading</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Trading</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Risk management
  assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">176</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">200</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">207</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">224</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">187</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">221</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Risk management
  liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">45</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">142</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">148</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">50</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">28</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">78</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">57</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">45</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">102</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net risk
  management assets (liabilities)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">271</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(26</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">245</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">164</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">171</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Energy
Trading</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The values of risk management assets
and liabilities for Energy Trading are included on the Consolidated Balance
Sheets as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balance Sheet&#150;EnergyTrading</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="line-height:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hedges</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Non-hedges</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Risk management
  assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">130</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">176</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">202</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">207</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">187</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Risk management
  liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">142</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">47</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">50</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">57</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:32.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net risk
  management assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">270</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">271</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">164</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following table illustrates the disclosure on the
movements in the fair value of the Corporation&#146;s Energy Trading net risk
management assets and liabilities separately by source of valuation during the
year ended Dec.&nbsp;31, 2009:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hedges</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Non-hedges</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="21%" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:21.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:31.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border-bottom:solid #949D50 1.0pt;border-left:none;border-right:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net risk management assets at
  Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">163</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">163</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Changes attributable to:</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition of Canadian Hydro </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(31</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Commodity price changes</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">147</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">145</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">New contracts entered</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">37</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">37</font></p>
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  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Contracts settled</font></p>
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  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(20</font></p>
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  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
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  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change in foreign exchange rates</font></p>
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  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(25</font></p>
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  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
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  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Transfers in/out of Level III</font></p>
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  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(5</font></p>
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  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
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  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
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  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(5</font></p>
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  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.5%;">
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  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net risk
  management assets (liabilities)<br>
  at Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">297</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(27</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">297</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(26</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Additional Level
  III gain(loss) information:</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change in fair value included in
  OCI</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:31.12%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.1pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Unrealized gain(loss) included in
  earnings before income taxes relating to those net assets <br>
  held at Dec.&nbsp;31, 2009</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Notes to
Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;<font color="#00a4e4" style="color:#00A4E4;">25<a name="PB_25_111314_8146"></a></font></font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:1.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='25',FILE='C:\JMS\105816\10-4104-1\task3950164\4104-1-km-09.htm',USER='105816',CD='Feb 24 04:41 2010' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">To the extent applicable, changes in net risk management
assets and liabilities for non-hedge positions are reflected within the gross
margin of both the COD and the Generation business segments.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The anticipated timing of settlement
of the above contracts over each of the next five calendar years and thereafter
is as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="35%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:35.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2015 and</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="35%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2011</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2012</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2013</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2014</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">thereafter</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Hedges </font></b></p>
  </td>
  <td width="26%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level I</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level II</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">110</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">99</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">76</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">297</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level III</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Non-hedges </font></b></p>
  </td>
  <td width="26%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level I</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level II</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level III</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total </font></b></p>
  </td>
  <td width="26%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level I</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level II</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">108</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">77</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">13</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">297</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:26.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Level III</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="35%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total net assets
  (liabilities)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">112</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">103</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">76</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">12</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">271</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:11.0pt;margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s outstanding Energy Trading derivative
financial instruments at Dec.&nbsp;31, 2009, were as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Electricity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Natural gas</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Transmission</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Oil</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Units (000s)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(MWh)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(GJ)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(MWh)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(gallons)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Derivative
  financial instruments designated as hedges</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notional Amounts</font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Purchases</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">360</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25,074</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Sales</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">175,756</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,163</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Derivative
  financial instruments held for trading (non-hedges)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Notional Amounts</font></p>
  </td>
  <td width="42%" valign="bottom" style="padding:0in 0in 0in 0in;width:42.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Purchases</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14,844</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">309,764</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,852</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" colspan="2" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Sales</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14,107</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">323,793</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Other Risk Management Assets and Liabilities</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The risk management assets and
liabilities related to other non-Energy Trading are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Balance Sheet&#150;Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hedges</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Non-hedges</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Risk management
  assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Risk management
  liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">13</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">28</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">28</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">45</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net risk
  management (liabilities) assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(26</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following table illustrates the disclosure on the
movements in the fair value of the Corporation&#146;s other net risk management
assets and liabilities separately by source of valuation during the year ended
Dec.&nbsp;31, 2009:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:65.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hedges</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Non-hedges</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Net risk management assets
  (liabilities) at Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Changes in net asset value attributable
  to:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Market price changes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">(20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">(20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">New contracts entered</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">(38</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">(40</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.0pt;">Contracts settled</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">Net risk
  management liabilities at Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">(26</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.0pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Changes in non-Energy Trading risk management assets and liabilities
for hedge positions are reflected within net earnings when such transactions
have settled during the period or ineffectiveness exists in the hedging
relationship. So long as these hedges remain effective and qualify for hedge
accounting, the change in value of existing and new contracts will be deferred
in OCI until settlement of the instrument or reduction in the net investment in
self-sustaining foreign operations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">26</font><font size="1" style="font-size:7.0pt;">&nbsp;&nbsp;</font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;">|</font><font size="1" style="font-size:7.0pt;">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">TransAlta
Corporation</font><a name="PB_26_111314_7091"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The anticipated timing of settlement
of the above contracts over each of the next five calendar years and thereafter
is as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2015 and</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2011</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2012</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2013</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2014</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">thereafter</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Hedges</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(13</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(24</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-hedges</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total net
  (liabilities) assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(15</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Additional information related to
other risk management assets and liabilities designated as hedges and
non-hedges are outlined below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.&#160;&#160;&#160; Hedges</font></b></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">I.&#160;&#160;&#160;&#160;&#160; <b>Hedges
of Foreign Operations</b></font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">U.S. dollar denominated long-term debt with a face value of
U.S.$1,100 million (2008&#150;U.S.$1,100 million) has been designated as a part of
the hedge of TransAlta&#146;s net investment in self-sustaining foreign operations.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has also hedged a portion of its net
investment in self-sustaining foreign operations with cross-currency interest
rate swaps and foreign currency forward sales (purchase) contracts as shown
below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">a.&#160;&#160;&#160;&#160;&#160;&#160; Cross-Currency Interest Rate Swap</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Outstanding liability resulting from cross-currency interest
rate swap is as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As&nbsp;at&nbsp;Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair&nbsp;value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair&nbsp;value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">asset</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">AUD34</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">AUD34</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">b.&#160;&#160;&#160;&#160;&#160;&#160; Foreign Currency Contracts</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Outstanding foreign currency forward sales (purchase)
contracts are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">AUD120</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">AUD108</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="39%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:39.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.182</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">U.S.(107)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">II.</font></b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; <b>Hedges of Future Foreign Currency Obligations</b></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:1.5pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">a.&#160;&#160;&#160;&#160;&#160;&#160; Foreign Exchange Forward Contract</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta&#146;s
future foreign currency obligations are primarily related to foreign
denominated capital asset purchases. The Corporation has hedged a portion of
these obligations through forward purchase contracts as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38%" colspan="7" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:38.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="38%" colspan="7" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:38.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">sold</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">sold</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">purchased</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">asset</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">91</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.78</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">U.S.48</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2009&#150;2010</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.14</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">AUD4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">84</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">EUR57</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">13</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">b.
Cross-Currency Interest Rate Swap</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Outstanding liability resulting from cross-currency interest
rate swap is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">asset</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.(500)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2015</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">III.
Interest Rate Risk Management</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has converted a portion of its fixed
interest rate debt, with rates ranging from 5.75 per cent to 6.65 per cent, to
floating rate debt through interest rate swaps as shown below:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">  </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">asset (liability)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">asset</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">100</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2011</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">100</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2011</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.50</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2013</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.150</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2018</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">U.S.100</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">21</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2018</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Notes to
Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;<font color="#00a4e4" style="color:#00A4E4;">27<a name="PB_27_111314_455"></a></font></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Including the interest rate swaps above, 31 per cent of the
Corporation&#146;s debt is subject to floating interest rates as at Dec.&nbsp;31,
2009 (2008&#150;24 per cent).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation also has an outstanding forward start
interest rate swap that converts floating rate debt into fixed rate debt. The
commencement date for this swap is March&nbsp;5, 2010, with fixed rates ranging
from 3.5 per cent to 4.6 per cent, as shown below:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.300</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2020</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">U.S.300</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(46</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2019</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.
Non-Hedges</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">I.
Cross-Currency Interest Rate Swaps</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Cross-currency interest rate swaps are periodically entered
into in order to limit the Corporation&#146;s exposure to fluctuations in foreign
exchange and interest rates. The (liability) asset resulting from an
outstanding cross-currency interest rate swap is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">asset</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">AUD13</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">AUD41</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">II.
Foreign Currency Contracts</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation periodically enters into foreign exchange
forwards to hedge future foreign denominated revenues and expenses for which
hedge accounting is not pursued. These items are classified as held for
trading, and changes in the fair values associated with these transactions are
recognized in net earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Outstanding notional amounts and fair
values with these foreign currency forward sales (purchases) are as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Notional</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">liability</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Maturity</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">U.S.13</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2010</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">U.S.90</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2009</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">III.
Total Return Swaps</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation also has certain compensation and deferred
share unit programs, the values of which depend on the common share price of
the Corporation. The Corporation has fixed a portion of the settlement cost of
these programs by entering into a total return swap for which hedge accounting
has not been pursued. The total return swap is cash settled every quarter based
upon the difference between the fixed price and the market price of the Corporation&#146;s
common shares at the end of each quarter <i>(Note 7).</i></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.
Contingent Features in Derivative Instruments</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Collateral is posted in the normal course of business based
on the Corporation&#146;s senior unsecured credit rating as determined by certain
major credit rating agencies. Certain of the Corporation&#146;s derivative
instruments contain financial assurance provisions that require collateral to
be posted only if a material adverse credit-related event occurs. If a material
adverse event resulted in the Corporation&#146;s senior unsecured debt to fall below
investment grade, the counterparties to such derivative instruments could
request ongoing full collateralization.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As at Dec.&nbsp;31, 2009 the Corporation had posted
collateral of $37 million in the form of letters of credit, on derivative
instruments in a net liability position. If the credit-risk-contingent features
included in certain derivative agreements were triggered, based upon the value
of derivatives as at Dec.&nbsp;31, 2009, the Corporation would be required to
post an additional $29 million of collateral to its counterparties.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">10. HEDGING ACTIVITIES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Derivative and non-derivative financial instruments are used
to manage exposures to interest, commodity prices, currency, credit, and other
market risks. When derivatives are used to manage the Corporation&#146;s own
exposures, the Corporation determines for each derivative whether hedge
accounting can be applied. Where hedge accounting can be applied and the
Corporation chooses to seek hedge accounting treatment, a hedge relationship is
designated as a fair value hedge, a cash flow hedge, or a hedge of foreign
currency exposure of a net investment in a self-sustaining foreign operation.
The derivative must be highly effective in accomplishing the objective of
offsetting either changes in the fair value or cash flows attributable to the
hedged risk both at inception and over the life of the hedge. If it is
determined that the derivative is not highly effective as a hedge, hedge
accounting will be discontinued prospectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">28</font><font size="1" style="font-size:7.0pt;">&nbsp;&nbsp;</font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:7.0pt;">|</font><font size="1" style="font-size:7.0pt;">&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:7.0pt;">TransAlta
Corporation<a name="PB_28_111314_4141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.
Fair Value Hedges</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Interest rate swaps are used to hedge exposures to the
changes in a fixed interest rate instrument&#146;s fair value caused by changes in
interest rates.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">No ineffective portion of fair value hedges was recorded in
2009, 2008, or 2007.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following table summarizes the impact and location of
fair value hedges on the Consolidated Statements of Earnings:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Instruments in fair value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Location of gain (loss) on the</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">hedging relationships</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Consolidated Statements of Earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:22.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest rate contracts</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Net
  interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(34</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:22.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Net
  interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(20</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="22%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:22.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net earnings
  impact</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:11.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.
Cash Flow Hedges</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Forward
sale and purchase contracts, as well as foreign exchange contracts, are used to
hedge the variability in future cash flows. All components of each derivative&#146;s
change in fair value have been included in the assessment of cash flow hedge
effectiveness.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For
the year ended Dec.&nbsp;31, 2009, a pre-tax unrealized gain of $400 million
(2008&#150;gain of $327 million, 2007&#150;loss of $57 million) was recorded in OCI for
the effective portion of the cash flow hedges, and a pre-tax total of $204
million (2008&#150;$91 million, 2007&#150;$25 million) related to amounts previously
related to OCI was reclassified to net earnings. For the year ended
Dec.&nbsp;31, 2009, a realized loss of $2 million (2008&#150;nil, 2007&#150;nil), was
recognized in net earnings for ineffectiveness.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Over
the next 12 months, the Corporation estimates that $77 million (2008&#150;$17
million after-tax losses) of after-tax gains will be reclassified from AOCI to
net earnings. These estimates assume constant gas and power prices, interest
rates, and exchange rates over time; however, the actual amounts that will be
reclassified will vary based on changes in these factors. In addition, it is
the Corporation&#146;s intent to settle a substantial portion of the cash flow
hedges by physical delivery of the underlying commodity, resulting in gross
settlement at the contract price. These contracts are designated as all-in-one
hedges and are required to be accounted for as cash flow hedges.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The
following tables summarize the impact of cash flow hedges on the Consolidated
Statements of Comprehensive Income, Consolidated Statements of Earnings, and
the Consolidated Balance Sheets:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Effective portion</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Ineffective portion</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Derivatives in</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax gain</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Location of gain</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax gain</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Location of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax loss</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">cash flow hedging</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(loss) recognized</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(loss) reclassified</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(loss) reclassified</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">loss recognized</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">recognized</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">relationships</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">in OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">from OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">from OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">in earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">in earnings</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest rate</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">37</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Property, plant,</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">394</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(205</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">OCI impact</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">400</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">OCI impact</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(219</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings impact</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Effective portion</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Derivatives in</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax (loss)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Location of gain</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">cash flow hedging</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">gain recognized</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">reclassified</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">gain reclassified</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">relationships</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">in OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">from OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">from OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest rate</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(56</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Property, plant,</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">352</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">91</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">OCI impact</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">327</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">OCI impact</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">99</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:28.1%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Effective&nbsp;portion</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Derivatives&nbsp;in</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax&nbsp;gain</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Location&nbsp;of&nbsp;(loss)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax&nbsp;(loss)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">cash&nbsp;flow&nbsp;hedging</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(loss)&nbsp;recognized</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">gain&nbsp;reclassified</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">gain&nbsp;reclassified</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">relationships</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">in&nbsp;OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">from&nbsp;OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">from&nbsp;OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest
  rate</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign
  exchange</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Property, plant,</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Commodity</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(56</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">OCI
  impact</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.92%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(57</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">OCI impact</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:7.0pt;">Notes to
Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;<font color="#00a4e4" style="color:#00A4E4;">29</font></font><a name="PB_29_111314_8627"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.&#160;&#160;&#160;&#160;&#160; Net
Investment Hedges</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Foreign exchange contracts and foreign currency denominated
liabilities are used to manage the Corporation&#146;s foreign currency exposures to
net investments in self-sustaining foreign operations having a functional
currency other than the Canadian dollar. Foreign denominated expenses are also
used to assist in managing foreign currency exposures on net earnings from
self-sustaining foreign operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2009, a net after-tax loss
of $69 million (2008&#150;gain of $47 million, 2007&#150;gain of $19 million), relating
to the translation of the Corporation&#146;s net investment in self-sustaining
foreign operations, net of hedging, was recognized in OCI.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">All net investment hedges currently have no ineffective
portion. The following table summarizes the pre-tax impact of net investment
hedges on the Consolidated Statements of Comprehensive Income:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:40.26%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:20.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax (losses) gains</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:15.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax losses</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pre-tax (losses) gains</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.26%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Derivatives
  in net</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.54%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">recognized in OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">recognized in OCI</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">recognized in OCI</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">investment hedging</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.54%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">for the year ended</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">for the year ended</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">for the year ended</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:40.26%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">relationships</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:20.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.92%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:15.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.76%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.82%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Dec.&nbsp;31, 2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:40.26%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign
  exchange</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.54%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:20.12%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(64</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.76%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(37</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.76%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:14.82%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.82%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="padding:0in 0in 0in 0in;width:40.26%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cross
  currency</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.54%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="padding:0in 0in 0in 0in;width:20.12%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.76%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(62</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.76%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="14%" valign="bottom" style="padding:0in 0in 0in 0in;width:14.82%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">152</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.82%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:40.26%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term
  debt</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.54%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:20.12%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">233</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:15.76%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(257</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.76%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:14.82%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">90</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.82%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="40%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:40.26%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-align:justify;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">OCI impact</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.54%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:20.12%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">166</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:15.76%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(356</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.76%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:14.82%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">240</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.82%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Summary</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following table summarizes the fair values of derivative
instruments categorized by their hedging relationships, as well as derivatives
that are not designated as hedges:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Not</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="padding:0in 0in 0in 0in;width:43.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fair Value</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cash Flow</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Investment</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Designated</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hedges</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hedges</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Hedges</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">as a Hedge</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Financial derivative assets</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="padding:0in 0in 0in 0in;width:43.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Energy Trading</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">332</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">351</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">363</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-Energy Trading</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">58</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">335</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">368</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">421</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Financial derivative liabilities</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="padding:0in 0in 0in 0in;width:43.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Energy Trading</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">62</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">80</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">199</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-Energy Trading</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">35</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">43</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:43.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">97</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">123</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.66%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:6.54%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">250</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Additional information on derivative instruments has been
presented on a net basis in Note 9.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">11.&#160; INVENTORY</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Inventory includes coal, natural gas, and emission credits
which are valued at the lower of cost and net realizable value.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Coal</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">86</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">45</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Natural gas</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Purchased emission credits</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">90</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The increase in coal inventory in 2009 compared to 2008 is
primarily due to lower production at the Centralia and Alberta Thermal plants.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The change in inventory is outlined below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Balance, Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net additions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">44</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change in foreign exchange rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(5</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balance,
  Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">90</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">No inventory is pledged as security for liabilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the years ended Dec.&nbsp;31, 2009 and 2008, no
inventory was written down from its carrying value nor were any writedowns
recorded in previous periods reversed back into net earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">30</font><font size="1" face="Arial" style="font-size:7.0pt;">&#160; <font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font><a name="PB_30_204217_7056"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">12.&#160; LONG-TERM RECEIVABLE</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, the Corporation received a notice of reassessment
from the federal taxation authority in Canada related to the disposal of the
Transmission Business in the 2002 taxation year. As a result of the
reassessment, the Corporation was required by law to pay approximately $49
million in taxes plus interest and penalties notwithstanding the Corporation&#146;s
ability to challenge this reassessment. The Corporation funded a portion of
this amount in 2008 by transferring $8 million from its tax prepayment account.
Additional cash payments and a loss carryback were applied in 2009 to fund the
remaining balance. The Corporation is in the process of challenging this
reassessment. Since it is anticipated that the dispute will not be resolved
within one year, these prepayments have been recorded as a long-term
receivable.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">13.&#160; PROPERTY, PLANT, AND
EQUIPMENT</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="30%" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 12.25pt .0001pt 0in;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">depreciation</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">depreciation</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Depreciable</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">and</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net book</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">and</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net book</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">lives</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cost</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amortization</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">value</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cost</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amortization</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">value</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Thermal generation equipment</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3&#150;50</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,709</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,267</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,442</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,835</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,993</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,842</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Mining property&nbsp;&amp;
  equipment</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4&#150;50</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">795</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">415</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">380</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">776</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">352</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">424</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gas generation</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2&#150;30</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,135</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">883</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,252</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,244</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,030</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,214</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Geothermal generation</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">10&#150;20</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">333</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">101</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">232</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">386</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">87</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">299</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Hydro generation</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3&#150;60</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">611</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">172</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">439</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">399</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">226</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">173</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Wind generation</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,556</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">125</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,431</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">375</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">39</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">336</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Biomass</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15&#150;30</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">25</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capital spares and other</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2&#150;15</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">270</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">65</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">205</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">228</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">68</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">160</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Assets under construction</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,038</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,038</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">443</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">443</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Coal rights</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">133</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">86</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">47</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">134</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">83</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Land</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">68</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">68</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">63</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">63</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Transmission systems</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15&#150;50</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">48</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">28</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">49</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:23.38%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">11,721</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,143</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.04%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7,578</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9,932</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.02%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,898</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.9%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6,034</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 &#160;Coal rights are amortized on a
unit-of-production basis, based on the estimated mine reserve.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation capitalized $36
million of interest to PP&amp;E in 2008 (2008 &#150; $21 million, 2007 &#150; $6
million).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The change in PP&amp;E is outlined
below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">depreciation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">and</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net book</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cost</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amortization</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">value</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Balance, Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9,932</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,898</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6,034</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition of Canadian Hydro </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,291</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,291</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Additions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">904</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">904</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Disposals</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">463</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(463</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change in foreign exchange rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(273</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(94</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(179</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Retirement of assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(132</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(118</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(14</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Transfers</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balance,
  Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">11,721</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,143</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7,578</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">14.&#160; GOODWILL</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The change in goodwill is outlined below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Balance, Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">142</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition of Canadian Hydro </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">304</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change in foreign exchange rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(12</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balance,
  Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">434</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A portion of goodwill in Generation is related to CE Gen, a
self-sustaining foreign operation denominated in U.S. dollars <i>(Note 29)</i>. Unrealized foreign exchange gains and losses
related to the translation of self-sustaining foreign operations do not affect
net earnings and as such translation gains and losses are reflected in AOCI.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements</font><font size="1" face="Arial" style="font-size:7.0pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&#160; <font color="#00a4e4"><font style="color:#00A4E4;">31</font><a name="PB_31_204217_5335"></a></font></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">15.&#160; INTANGIBLE ASSETS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The change in intangible assets is outlined below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Net book</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Cost</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">amortization</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">value</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Balance, Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">499</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">286</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">213</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition of Canadian Hydro </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">176</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">176</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change in foreign exchange rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(68</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(43</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(25</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(31</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balance,
  Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">607</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">274</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">333</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A portion of intangible assets are related to CE Gen, a
self-sustaining foreign operation denominated in U.S. dollars. Unrealized
foreign exchange gains and losses related to the translation of self-sustaining
foreign operations do not affect net earnings and as such translation gains and
losses are reflected in AOCI.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">16.&#160; OTHER ASSETS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec. 31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Deferred license fees</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">21</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued pension benefit asset </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 31)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Project development costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">45</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="padding:0in 0in 0in 0in;width:77.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Keephills 3 transmission deposit</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="77%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:77.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total other assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">102</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">39</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Deferred license fees consist primarily of a license to
lease the land on which certain generating assets are located, and are being
amortized on a straight-line basis over the useful life of the generating
assets to which the license relates.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Keephills 3 transmission deposit is TransAlta&#146;s
proportionate share of a provincially required deposit for Keephills 3. The
full amount of the deposit is anticipated to be reimbursed over the next 10
years, as long as certain performance criteria are met.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Project development costs include external, direct, and
incremental costs incurred during the development phase of future power
projects.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">17.&#160; LONG-TERM DEBT AND NET
INTEREST EXPENSE</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">A.&#160;&#160;&#160;&#160;&#160; Amounts
Outstanding</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Carrying</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Carrying</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Face value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Interest</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Face value</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Interest</font></b><b><font size="1" face="Arial" style="font-size:4.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Credit facilities</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,063</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,063</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1.0%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">443</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">443</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">%&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debentures, due 2011 to 2030</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,055</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,076</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6.7%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">682</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">681</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Senior notes</font><font size="1" face="Arial" style="font-size:4.5pt;position:relative;top:-2.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,687</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,684</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5.9%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,352</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,344</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="padding:0in 0in 0in 0in;width:33.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-recourse</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">578</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">581</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6.3%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">265</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">265</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.64%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">59</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">59</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6.7%</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">66</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">66</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">%</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,442</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,463</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,808</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,799</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Less: current portion</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(244</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(244</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="33%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:33.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total long-term
  debt</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,411</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,432</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.52%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,564</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,555</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:7.34%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.64%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="line-height:11.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1&#160; Interest is an average rate
weighted by principal amounts outstanding before the effect of hedging.</font></i></p>

<p style="line-height:11.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2&#160; Composed of Bankers&#146;
Acceptances and other commercial borrowings under long-term committed credit
facilities.</font></i></p>

<p style="line-height:11.0pt;margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">3&#160; 2009&#150;U.S.$1,600 million,
2008-U.S.$1,100 million.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A portion of the fixed rate components of debentures and
senior notes have been hedged using fixed to floating interest rate swaps and
therefore the Corporation has included the fair value of these swaps with the
value of the debt. Non-recourse debt is not hedged and therefore recorded at
cost.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;">Credit facilities</font><font size="1" face="Arial" style="font-size:8.0pt;"> are drawn on the Corporation&#146;s $1.5
billion committed syndicated bank credit facility and on the Corporation&#146;s
U.S.$300 million committed facility. The $1.5 billion committed syndicated bank
facility is the primary source for short-term liquidity after the cash flow
generated from the Corporation&#146;s businesses. The facility is a five-year
revolver which was last renewed in May&nbsp;2007 and matures in 2012. The
U.S.$300 million committed facility is a five-year facility that matures in
2013. Interest rates on the credit facilities vary depending on the option
selected; Canadian prime, Bankers&#146; Acceptance, U.S. LIBOR or U.S. base rate, in
accordance with a pricing grid that is standard for such facilities. The
Corporation also has $240 million available in committed bilateral credit
facilities all of which mature in 2011.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">32</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160; <font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta Corporation</font><a name="PB_32_204217_5796"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='32',FILE='C:\JMS\105816\10-4104-1\task3950164\4104-1-km-11.htm',USER='105816',CD='Feb 24 04:42 2010' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Debentures</font></b><font size="1" face="Arial" style="font-size:8.0pt;"> bear
interest at fixed rates ranging from 6.4 per cent to 7.3 per cent. The
Corporation has converted $100 million fixed interest rate debt with a rate of
6.9 per cent to floating rates through the use of interest rate swaps (Note 9).
These interest rate swaps mature in 2011. During 2009, the Corporation issued a
total of $600 million in debentures; $200 million was issued in May&nbsp;2009
at a fixed interest rate of 6.45 per cent, maturing in 2014 and $400 million
was issued in November&nbsp;2009 at a fixed rate of 6.4 per cent, maturing in
2019.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Senior Notes</font></b><font size="1" face="Arial" style="font-size:8.0pt;"> U.S.$300
million of the senior notes bear an interest rate of 5.75 per cent and mature
in 2013 and another U.S.$300 million bear an interest rate of 6.75 per cent and
mature in 2012. U.S.$500 million bear interest at 6.65 per cent and mature in
2018, and the remaining U.S.$500 million of the senior notes were issued in
November&nbsp;2009 and bear an interest rate of 4.75 per cent and mature in
2015. In addition, the Corporation converted U.S.$50 million and U.S.$150
million fixed interest rate debt with rates of 5.8 per cent and 6.7 per cent,
respectively, to floating rates through the use of interest rate swaps (Note
9). These interest rate swaps mature in 2013 and 2018, respectively. A total of
U.S.$1,100 million of the senior notes has been designated as a hedge of the
Corporation&#146;s net investment of U.S. self-sustaining foreign operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Non-Recourse Debt</font></b><font size="1" face="Arial" style="font-size:8.0pt;"> consists of
project financing debt, debt securities and senior secured bonds of CE Gen,
debt related to the Wailuku River Hydroelectric L.P (&#147;Wailuku&#148;) acquisition,
and debentures issued by Canadian Hydro. The CE Gen related assets have been
pledged as security for the project financing debt. The CE Gen debt has
maturity dates ranging from 2010 to 2018 and interest rates ranging from 7.5
per cent to 8.3 per cent. This debt is recorded at cost; the fair value as at
Dec.&nbsp;31, 2009 was U.S.$184 million (2008&#150;U.S.$208 million). Wailuku debt
at Dec.&nbsp;31, 2009 has a cost of U.S.$8 million (2008&#150;U.S.$9 million) and
bears interest at a floating rate currently of 1.2 per cent. The Canadian Hydro
debt has maturity dates ranging from 2010 to 2018 and interest rates ranging
from 5.3 per cent to 10.9 per cent and includes debt with a cost of $355
million and U.S.$20 million. This debt is recorded at cost; the fair value as
at Dec.&nbsp;31, 2009 was $376 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Other</font></b><font size="1" face="Arial" style="font-size:8.0pt;"> consist of
notes payable for the Windsor Plant which bears interest at fixed rates and are
recourse to the Corporation through a standby letter of credit. These mature in
November&nbsp;2014. Also included is a commercial loan obligation which bears
an interest rate of 5.9 per cent and will mature in 2023. This is an unsecured
loan and requires annual payments of interest and principal.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Principal Repayments</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:84.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">251</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2012</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,090</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2013</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">659</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2014</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">231</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:84.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2015 and thereafter</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,203</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:84.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4,463</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:3.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 8.65pt;text-align:justify;text-indent:-8.65pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Excludes impact of derivatives and include credit facilities that are currently
scheduled to mature in 2012 and 2013.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.</font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Interest
Expense</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest on long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">183</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">177</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">171</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest income</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(46</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(32</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capitalized interest</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(36</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(21</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net interest
  expense</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">133</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation capitalizes interest during the construction
phase of longer-term capital projects. The capitalized interest in 2009 relates
primarily to Keephills 3 and associated mine capital, Blue Trail, and
Summerview II. In 2008 the capitalized interest related to the Corporation&#146;s
investment in Keephills 3 and associated mine capital, Kent Hills, Summerview,
and Blue Trail.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2008, an appeal was resolved pertaining to the timing of
revenue recognition and deductions on previous years&#146; tax returns based on
applicable income tax laws. Consequently, a $30 million interest refund from
taxation authorities was recorded as interest income.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&#160; <font color="#00a4e4" style="color:#00A4E4;">33</font></font><a name="PB_33_204316_2897"></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">D.</font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Guarantees</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">I.</font></b><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Letters of Credit</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Letters of credit are issued to counterparties under some
contractual arrangements with certain subsidiaries of the Corporation. If the
Corporation or its subsidiary does not perform under such contracts, the
counterparty may present its claim for payment to the financial institution
through which the letter of credit was issued. Any amounts owed by the
Corporation or its subsidiaries are reflected in the Consolidated Balance
Sheets. All letters of credit expire within one year and are expected to be
renewed, as needed, through the normal course of business. The total
outstanding letters of credit as at Dec.&nbsp;31, 2009 totalled $334 million
(2008&#150;$430 million) with nil (2008&#150;nil) amounts exercised by third parties
under these arrangements. TransAlta has a total of $2.1 billion of committed
credit facilities of which $0.7 billion is not drawn and is available as of
Dec.&nbsp;31, 2009, subject to customary borrowing conditions.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">18.</font></i></b><b><i><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">ASSET
RETIREMENT OBLIGATION</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A reconciliation between the opening
and closing asset retirement obligation balances is provided below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Balance, Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">297</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Liabilities incurred in period</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Liabilities settled in period</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(35</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accretion expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revisions in estimated cash flows</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Acquisition of Canadian Hydro </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Change in foreign exchange rates</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">282</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Less: current portion</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(32</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balance,
  Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">250</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has a right to
recover a portion of future asset retirement costs.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta estimates that the undiscounted amount of cash
flow required to settle the asset retirement obligation is approximately $0.8
billion which will be incurred between 2010 and 2072. The majority of the costs
will be incurred between 2020 and 2030. An average discount rate of eight per
cent and an inflation rate of two per cent were used to calculate the carrying
value of the asset retirement obligation. At Dec.&nbsp;31, 2009, the
Corporation had provided a surety bond in the amount of U.S.$192 million
(2008&#150;U.S.$192 million) in support of future retirement obligations at the Centralia
coal mine. At Dec.&nbsp;31, 2009, the Corporation had provided letters of
credit in the amount of $67 million (2008&#150;$57 million) in support of future
retirement obligations at the Alberta mines.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">19.</font></i></b><b><i><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">DEFERRED
CREDITS AND OTHER LONG-TERM LIABILITIES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Deferred coal revenues <i>(Note 25)</i></font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">51</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Sale of emission credits</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Power purchase arrangement in
  limited partnership</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">21</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit liability <i>(Note 31)</i></font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">49</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">49</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">21</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total deferred
  credits and other long-term liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">136</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">131</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The power purchase arrangement in the limited partnership
represents the fair value adjustments for the Sheerness Generating Station to
deliver power at less than the prevailing market price at the time of the
acquisition of the plant by TransAlta Cogeneration, L.P. (&#147;TA Cogen&#148;). The
power purchase arrangement is amortized on a straight-line basis over the life
of the contract.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">20.</font></i></b><b><i><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">COMMON
SHARES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.</font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Issued
and Outstanding</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation is authorized to issue an unlimited number
of voting common shares without nominal or par value.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:58.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:17.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:58.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Common</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Common</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">shares</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">shares</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:58.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(millions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(millions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Amount</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:58.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Issued and
  outstanding, beginning of year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">197.6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,761</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">200.9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,781</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Issued under stock option plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Issued under Performance Share
  Ownership Plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Shares purchased under NCIB </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 21)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3.9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(35</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:58.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Issued, net of tax</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20.6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">402</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:58.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Issued and
  outstanding, end of year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">218.4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,169</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">197.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.42%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,761</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.08%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt 8.65pt;text-align:justify;text-autospace:none;text-indent:-8.65pt;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" style="font-size:8.5pt;font-style:italic;">&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Net of issuance costs of $16 million and tax expense of $4 million.</font></i></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.5pt;">34</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;TransAlta Corporation<a name="PB_34_204316_3020"></a></font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='34',FILE='C:\JMS\nsampath\10-4104-1\task3950703\4104-1-km-13.htm',USER='105226',CD='Feb 24 08:10 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009 the Corporation had 1.5 million
outstanding employee stock options (2008 &#150; 1.7 million). For the year ended
Dec.&nbsp;31, 2009, no options were exercised.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.</font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Shareholder
Rights Plan</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The primary objective of the Shareholder Rights Plan is to
provide the Corporation&#146;s Board of Directors sufficient time to explore and
develop alternatives for maximizing shareholder value if a takeover bid is made
for the Corporation and to provide every shareholder with an equal opportunity
to participate in such a bid. The plan was originally approved in 1992, and has
been revised since that time to ensure conformity with current practices. The
plan is put before the shareholders every three years for approval, and was
last approved on April&nbsp;26, 2007. </font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">When an acquiring shareholder commences a bid to acquire 20
per cent or more of the Corporation&#146;s common shares, other than by way of a
Permitted Bid, where the offer is made to all shareholders by way of a takeover
bid circular, the rights granted under the Shareholder Rights Plan become
exercisable by all shareholders except those held by the acquiring shareholder.
Each right will entitle a shareholder other than the acquiring shareholder, to
acquire an additional $200 worth of common shares for $100.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.</font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Dividend
Reinvestment and Share Purchase (&#147;DRASP&#148;) Plan</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Under the terms of the DRASP plan, participants are able to
purchase additional common shares by reinvesting dividends. Shares purchased
under the DRASP plan are acquired in the open market at 100 per cent of the
average purchase price of common shares acquired on the Toronto Stock Exchange
on the investment dates.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">D.</font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Earnings
Per Share (&#147;EPS&#148;)</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="71%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">309</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Basic and diluted
  weighted average number of common shares outstanding</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">201</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">199</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">202</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings per share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:71.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 23.05pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Basic and diluted</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.90</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.53</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The effect of the PSOP does not
materially affect the calculation of the total weighted average number of
common shares outstanding <i>(Note 30)</i>.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">21.</font></i></b><b><i><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">SHAREHOLDERS&#146;
EQUITY</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Accumulated</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Common</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Retained</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">comprehensive</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">shareholders&#146;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">shares</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">earnings</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">income/(loss)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">equity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balance,
  Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,761</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">688</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,510</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">181</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">181</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Common shares issued</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">408</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">408</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Dividends declared</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(235</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(235</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 12.95pt;text-autospace:none;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Losses on
  translating net assets of self-sustaining foreign operations, net of hedges
  and of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(69</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(69</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Gains on derivatives designated as
  cash flow hedges, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">280</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">280</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 12.95pt;text-autospace:none;text-indent:-12.95pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Derivatives
  designated as cash flow hedges in prior periods transferred to the Consolidated
  Balance Sheets and net earnings in the current period, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(146</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(146</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:57.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Balance,
  Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,169</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">634</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">126</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,929</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Components of AOCI</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="80%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cumulative unrealized (losses)
  gains on translating self-sustaining foreign operations, net of hedges and of
  tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(63</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cumulative unrealized gains on cash
  flow hedges, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">189</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="80%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:80.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total accumulated
  other comprehensive income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">126</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:7.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;font-weight:bold;">Normal Course
Issuer Bid (&#147;NCIB&#148;) program</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;6, 2009, TransAlta announced plans to renew the
NCIB program until May&nbsp;6, 2010. The Corporation received the approval to
purchase, for cancellation, up to 9.9 million of its common shares representing
five per cent of the 198 million common shares issued and outstanding as at
April&nbsp;30, 2009. Any purchases undertaken will be made on the open market
through the Toronto Stock Exchange at the market price of such shares at the
time of acquisition.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">No purchases were made under the NCIB program in 2009.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the year ended Dec.&nbsp;31, 2008, TransAlta purchased
3,886,400 shares at an average price of $33.46 per share for a total of $130
million. For the year ended Dec.&nbsp;31, 2007, TransAlta purchased 2,371,800
shares at an average of $31.59 per share for a total of $75 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&#160; <font color="#00a4e4" style="color:#00A4E4;">35</font></font><a name="PB_35_204316_7748"></a></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.5pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">22.</font></i></b><b><i><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">CHANGES IN
NON-CASH OPERATING WORKING CAPITAL</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Source (use):</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">114</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">80</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">44</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Prepaid expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income taxes receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(29</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Inventory</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(42</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts payable and accrued
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(208</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">157</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income taxes payable</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Change in non-cash
  operating working capital</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(149</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">210</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">66</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">23.</font></i></b><b><i><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">CAPITAL</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta&#146;s components of capital are
listed below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase/</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(decrease)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current portion of long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">244</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(213</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Less: cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(82</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(50</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(32</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(51</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">194</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(245</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Recourse</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3,857</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,332</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,525</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-recourse</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">554</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">232</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">322</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">478</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">469</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Common shareholders&#146; equity</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Common shares</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,169</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,761</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">408</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Retained earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">634</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">688</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(54</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">AOCI</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">126</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">65</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7,818</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5,543</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,275</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total capital</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7,767</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5,737</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,030</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The long-term portion of recourse debt increased from
Dec.&nbsp;31, 2008 as a result of the issuance of senior notes and debentures
primarily related to the acquisition of Canadian Hydro. This increase in
long-term debt was partially offset by scheduled repayments and changes in
exchange rates.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta&#146;s strategy for managing capital remained unchanged
from Dec.&nbsp;31, 2008.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta&#146;s objectives in managing capital are to:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Maintain an Investment Grade Credit
Rating:</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation operates in a long-cycle and capital
intensive commodity business, and it is therefore a priority to maintain an
investment grade credit rating as it allows the Corporation to access capital
markets at reasonable rates. TransAlta monitors key capital ratios similar to
those used by key rating agencies. While these ratios are not publicly
available from credit agencies, TransAlta&#146;s management has defined these ratios
and manages capital in line with those expectations:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">Cash flow to interest
coverage</font><font size="1" face="Arial" style="font-size:8.0pt;"> Cash flow from operating activities before changes in
working capital plus net interest expense divided by interest on debt less
interest income. TransAlta targets this ratio to be in a range of four to five
times.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">Cash flow to debt</font><font size="1" face="Arial" style="font-size:8.0pt;"> Cash flow
from operating activities before changes in working capital divided by average
total debt. TransAlta targets this ratio to be 20 to 25 per cent.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" color="#949c51" face="Arial" style="color:#949C51;font-size:8.0pt;">Debt to invested
capital</font><font size="1" face="Arial" style="font-size:8.0pt;"> Debt less cash and cash equivalents divided by debt,
non-controlling interests, and shareholders&#146; equity less cash and cash
equivalents. TransAlta targets this ratio to be 55 to 60 per cent.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.5pt;">36</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;TransAlta Corporation<a name="PB_36_204404_141"></a></font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">These ratios are presented below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow to interest coverage
  (times)</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-4.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4.9</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow to debt (%)</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-4.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20.1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">31.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt to invested capital (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">56.1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 Last 12 months.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The decrease in cash flow to interest coverage resulted from
decreased cash flows from operating activities and higher interest expense. The
decrease in cash flow to debt resulted from a decrease in cash flows from
operating activities and an increase in debt balances <i>(Note 17)</i>.
The increase in debt to invested capital resulted from an increase in debt
balances <i>(Note 17)</i>. TransAlta routinely monitors
forecasts for net earnings, capital expenditures, and scheduled repayment of
debt with a goal of meeting the above ratio targets.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Ensure Sufficient Cash and Credit is
Available to Fund Operations, Pay Dividends, and Invest in Capital Assets:</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">These amounts are summarized in the
table below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Increase/<br>
  (decrease)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow from operating activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">580</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,038</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(458</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Dividends paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(226</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(212</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capital asset expenditures</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(904</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,006</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">102</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:68.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net cash outflow</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(550</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(180</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(370</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The decrease in the total net cash flows primarily resulted
from lower cash flows from operating activities. TransAlta seeks to maintain
sufficient cash balances and committed credit facilities to fund periodic net
cash outflows related to its business. At Dec.&nbsp;31, 2009, $0.7 billion of
the Corporation&#146;s available credit facilities were not drawn.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">While any of the existing debentures are outstanding, the
Corporation will not issue or in any other manner become liable for any
indebtedness, unless the aggregate principal amount of the Corporation&#146;s
indebtedness, as defined in the Corporation&#146;s trust indenture, does not exceed
75 per cent of total capital.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta&#146;s credit facilities are unsecured and provide
funds in either Canadian or U.S. currencies. They contain standard terms and
conditions including covenants with respect to financial leverage and cash flow
coverage that would be considered typical of bank credit facilities of this
nature.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2009, the Corporation issued a total of $600 million
in debentures; $200 million was issued in May&nbsp;2009 at a fixed interest
rate of 6.45 per cent, maturing in 2014 and $400 million was issued in
November&nbsp;2009 at a fixed rate of 6.4 per cent, maturing in 2019. Both
issuances have financial terms and conditions similar to the other debentures
of the Corporation. The financial terms and conditions of all other debentures
remain unchanged from Dec.&nbsp;31, 2008. During 2009, the Corporation also
issued U.S.$500 million in senior notes at an interest rate of 4.75 per cent
and mature in 2015.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2009, the Corporation issued 20.8 million common
shares for total net proceeds of $408 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta&#146;s formal dividend policy targets to pay
shareholders an annual dividend in the range of 60 to 70 per cent of comparable
net earnings. TransAlta&#146;s management defines comparable net earnings as net
earnings adjusted for items that would not be considered to be part of normal
operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&#160; <font color="#00a4e4" style="color:#00A4E4;">37</font></font><a name="PB_37_204404_7608"></a></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">24.</font></i></b><b><i><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">ACQUISITIONS AND
DISPOSALS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Acquisitions</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;23, 2009, TransAlta acquired 87 per cent of
Canadian Hydro through the purchase of the issued and outstanding shares of
Canadian Hydro. On Nov.&nbsp;4, 2009, TransAlta acquired the remaining 13 per
cent of the issued and outstanding shares. The total cash consideration was
$785 million. The results of Canadian Hydro are included in the consolidated
financial statements of the Corporation from the acquisition date of
Oct.&nbsp;23, 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The details of the cash consideration are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total shares acquired (millions)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">143.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Price per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.25</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total consideration paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">755</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Transaction costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:83.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total cash
  consideration</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">785</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The allocation of the aggregate purchase price based on the
estimated fair values of the assets of Canadian Hydro on the acquisition date
is as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Assets:</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt .2in;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts receivable</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Prepaid expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Property, plant, and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,291</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Intangible assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">176</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Development costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Goodwill</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">304</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total assets acquired</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,842</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Liabilities:</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accounts payable and accrued
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">54</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current risk management liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term risk management
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">931</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Future income tax liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">29</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Asset retirement obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total liabilities assumed</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,057</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total purchase
  price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">785</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The long-term risk management liabilities consist of
financial contracts used to hedge exposures to fluctuations in electricity
prices. These contracts qualify for hedge accounting treatment.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Although TransAlta does not anticipate material changes to
this preliminary allocation, the values may change when the evaluation of fair
value information is complete. Any subsequent adjustments will be accounted for
in the period incurred.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.5pt;">38</font><font size="1" color="#2b85ff" face="Arial" style="color:#2B85FF;font-size:6.5pt;">&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;TransAlta Corporation<a name="PB_38_204404_8146"></a></font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='38',FILE='C:\JMS\105569\10-4104-1\task3950196\4104-1-km-15.htm',USER='105569',CD='Feb 24 04:38 2010' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Disposals</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Oct.&nbsp;8, 2008, TransAlta successfully completed the
sale of the Mexican equity investment to InterGen for a sale price of $334
million. The sale included the plants at both facilities and all associated
commercial arrangements.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The details of the sale are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Contractual proceeds</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">334</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Less: closing costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net proceeds excluding cash on hand
  of $1 million</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">331</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Book value of investment</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">420</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Loss before deferred foreign
  exchange losses</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">89</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Deferred foreign exchange losses on
  the net assets of the Mexican equity investment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">147</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 24.5pt;text-autospace:none;text-indent:-10.1pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Deferred gains on financial
  instruments designated as hedges of the net assets of the Mexican equity
  investment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(148</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax expense on financial
  instruments</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Deferred foreign exchange losses</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Loss before income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">97</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Income tax recovery</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">35</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="78%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:78.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net loss</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">62</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Included in the book value of the investment is a provision
for representations and warranties of $2 million (2008&#150;$ 13 million).</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2007, the Mexican equity investment incurred a loss
of $50 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">25.</font></i></b><b><i><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">RELATED PARTY
TRANSACTIONS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;1, 2009, TAU and TransAlta Energy Corporation
transferred certain generation and transmission assets to a newly formed
internal partnership, TransAlta Generation Partnership (&#147;TAGP&#148;), before
amalgamating with TransAlta Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Dec.16, 2006, predecessors of TAGP, a firm owned by the
Corporation and one of its subsidiaries, entered into an agreement with the
partners of the Keephills 3 joint venture project to supply coal for the
coal-fired plant. The joint venture project is held in a partnership owned by
Keephills 3 Limited Partnership (&#147;K3LP&#148;), a wholly owned subsidiary of the
Corporation, and Capital Power Corporation. TAGP will supply coal until the
earlier of the permanent closure of the Keephills 3 facility or the early
termination of the agreement by TAGP and the partners of the joint venture. As
at Dec.&nbsp;31, 2009, TAGP had received $51 million from K3LP for future coal
deliveries. Commercial operation of the Keephills plant is scheduled to
commence in the second quarter of 2011. Payments received prior to that date
for future coal deliveries are recorded in deferred revenues and will be
amortized into revenue over the life of the coal supply agreement when TAGP
starts delivering coal for commissioning activities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">CE Gen has entered into contracts with related parties to
provide administrative and maintenance services. The total value of these
contracts are U.S.$3 million per year for the years ending Dec.&nbsp;31, 2009
and 2010.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">For the period November&nbsp;2002 to November&nbsp;2012, one
of TransAlta&#146;s subsidiaries, TA Cogen, entered into various transportation swap
transactions with TAGP. TAGP operates and maintains TA Cogen&#146;s three
combined-cycle power plants in Ontario and a plant in Fort Saskatchewan,
Alberta. TAGP also provides management services to the Sheerness thermal plant,
which is operated by Canadian Utilities Limited. The business purpose of these
transportation swaps is to provide TA Cogen with the delivery of fixed price
gas without being exposed to escalating costs of pipeline transportation for
three of its plants over the period of the swap. The notional gas volume in the
swap transactions is equal to the total delivered fuel for each of the facilities.
Exchange amounts are based on the market value of the contract. TransAlta
entered into an offsetting contract and therefore has no risk other than
counterparty risk.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to Consolidated Financial Statements&#160; <font color="#939598" style="color:#939598;">|&#160; </font><font color="#00a4e4" style="color:#00A4E4;">39</font></font><a name="PB_39_204106_7056"></a></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">26.</font></i></b><b><i><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">CONTINGENCIES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta is occasionally named as a party in various claims
and legal proceedings which arise during the normal course of its business.
TransAlta reviews each of these claims, including the nature of the claim, the
amount in dispute or claimed and the availability of insurance coverage.
Although there can be no assurance that any particular claim will be resolved
in the Corporation&#146;s favour, the Corporation does not believe that the outcome
of any claims or potential claims of which it is currently aware, when taken as
a whole, will have a material adverse effect on the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="font-size:12.0pt;margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">27.</font></i></b><b><i><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-style:italic;font-weight:bold;">&#160; </font></i></b><b><i><font color="#00a4e4" face="Arial" style="color:#00A4E4;font-style:italic;font-weight:bold;">COMMITMENTS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has entered into a number of long-term gas
purchase agreements, transportation and transmission agreements, royalty and
right-of-way agreements in the normal course of operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Approximate future payments under the fixed price purchase
contracts, transmission, operating leases, mining agreements, interest on
long-term debt, and growth project commitments are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Fixed price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Coal supply</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Long-term</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Interest on</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">gas purchase</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Operating</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">and mining</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">service</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">long-term</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Growth project</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">contracts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Transmission</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">leases</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">agreements</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">agreement</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">debt</font></b><b><font size="1" face="Arial" style="font-size:3.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">commitments</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">224</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">497</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">804</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">203</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">87</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">372</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2012</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">183</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">279</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2013</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">170</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">252</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2014</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">142</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">227</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2015 and thereafter</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">25</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">38</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">56</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">269</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">600</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,006</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:17.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">61</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">49</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">102</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">512</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">96</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,522</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">598</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,940</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1 Includes impact of derivatives.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Fixed Price Gas Purchase Contracts</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Centralia Gas and the Corporation&#146;s Australia operations
have contracts in place for the fixed portion of the gas costs at the plants.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Transmission</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During 2008, TransAlta entered into several five-year
agreements with Bonneville Power Administration Transmission (&#147;BPAT&#148;) to
purchase 400 megawatts (&#147;MW&#148;) of Pacific Northwest transmission network
capacity. Provided BPAT can meet certain conditions for delivering the service,
the Corporation is committed to taking the services at BPAT&#146;s tariff rate
whether it is awarded immediately or delivered in the future after additional
facilities are constructed.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Operating Leases</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta has operating leases in place for buildings,
vehicles and various types of equipment.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">D.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Coal Supply and Mining Agreements</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Centralia Thermal, a significant portion of production is
subject to short- to medium-term energy sales contracts. Centralia Thermal also
has various coal supply and associated rail transport contracts to provide coal
for use in production. During 2008, TransAlta entered into various coal supply
agreements with three suppliers for the Centralia Thermal plant. The coal
supply agreements allow TransAlta to take delivery of coal at fixed volumes and
prices, with dates ranging from June&nbsp;1, 2008 to Dec.&nbsp;31, 2013.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Alberta Thermal, the mines are
operated by a third party who is paid a fixed amount to provide a budgeted
supply of coal.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">E.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Long-Term Service Agreements</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta has various service agreements in place primarily
for repairs and maintenance that may be required on turbines at various wind
generating facilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">F.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Growth Project Commitments</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;11, 2010, TransAlta announced the expansion of
its existing 96 MW Kent Hills wind facility. The capital cost of the project is
estimated at $100 million and is expected to begin commercial operations by the
end of 2010. As at Dec.&nbsp;31, 2009 total capital incurred on this project was
$18 million. Natural Forces will have the option to purchase up to a 17 per
cent interest in the new operating facility upon completion.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">As part of the acquisition of Canadian Hydro on
Oct.&nbsp;23, 2009, TransAlta assumed the plans to design, build, and operate Bone
Creek, an 18 MW hydro facility in British Columbia. The capital cost of the
project is estimated at $48 million and is expected to begin commercial
operations in the first quarter of 2011. As at Dec.&nbsp;31, 2009, the total
capital incurred on this project was $4 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.5pt;">40&#160; </font><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|&#160; </font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation<a name="PB_40_204106_5335"></a></font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On April&nbsp;28, 2009, TransAlta announced plans to design,
build, and operate Ardenville, a 69 MW wind power project in southern Alberta.
The capital cost of the project is estimated at $135 million. Included in the
purchase was an operational 3 MW wind power project in southern Alberta. As at
Dec.&nbsp;31, 2009, the total capital incurred on this project was $27 million.
Commercial operations of the remainder of the facility are expected to commence
in the first quarter of 2011.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;29, 2009, TransAlta announced two efficiency
uprates at its Keephills plant in Alberta. Both Keephills units 1 and 2 will be
upgraded by 23 MW each, to a total of 450 MW, and are expected to be
operational by the end of 2011 and 2012, respectively. The capital cost of the
projects is estimated at $68 million. As at Dec.&nbsp;31, 2009, the total
capital incurred on these projects was $2 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On May&nbsp;27, 2008, TransAlta announced a 66 MW expansion
of its Summerview wind farm located in southern Alberta near Pincher Creek. The
capital cost of the project is estimated at $123 million with construction
commencing in the second quarter of 2009 and commercial operations expected to
begin in the first quarter of 2010. As at Dec.&nbsp;31, 2009, total capital
spend on this project was $106 million. Commercial operations commenced on Feb.
23, 2010 and the total capital cost of the project was $123 million <i>(Note 33).</i></font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Keephills 3 plant construction and associated mine capital
costs are anticipated to be approximately $1.9 billion with final payments for
goods and services due by 2011. TransAlta&#146;s proportionate share is
approximately $988 million. As at Dec.&nbsp;31, 2009, total spend on this
project was $707 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On June&nbsp;21, 2007, TAGP entered into an agreement with
Bucyrus Canada Limited and Bucyrus International Inc. for the purchase of a
dragline to be used primarily in the supply of coal to the Keephills 3 joint
venture project. The total dragline purchase costs include approximately $121
million for the purchase of the equipment, and an additional $29 million for
the assembly and commissioning of the dragline, for a total of approximately
$150 million, with final payments for goods and services due by completion and
acceptance of the asset in the third quarter of 2010. As at Dec.&nbsp;31, 2009,
total payments under this agreement were $125 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Growth project commitments are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="18%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Keephills</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Keephills</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Keephills</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Kent Hills</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Bone Creek</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Ardenville</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Unit 1 uprate</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Unit 2 uprate</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Summerview</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Unit 3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:18.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">82</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">44</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">108</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">238</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">497</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">43</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">87</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2012</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2013</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="padding:0in 0in 0in 0in;width:18.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2014</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2015 and thereafter</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">82</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">44</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">108</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">281</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">598</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .3in;text-align:justify;text-indent:-.3in;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">G.</font></b><b><font size="1" color="#00a4e4" style="color:#00A4E4;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">Other</font></b></p>

<p style="margin:0in 0in .0001pt .25in;text-align:justify;text-autospace:none;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A significant portion of the Corporation&#146;s electricity and
thermal sales revenues are subject to PPAs and long-term contracts. Commencing
Jan.&nbsp;1, 2001, a large portion of Alberta&#146;s coal generating assets became
subject to long-term PPAs for a period approximating the remaining life of each
plant or unit. These PPAs set a production requirement and availability target
for each plant or unit and the price at which each MWh will be supplied to the
customer. Remaining coal capacity in Alberta is sold on the open electricity
market.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A portion of Poplar Creek&#146;s electrical and all of its steam
capacity is committed to the customer under a long-term contract. The remaining
electrical capacity may be taken by the customer at market prices or sold on
the open electricity market by TransAlta. Other gas-fired facilities in Alberta
supply steam and/or electricity to specified customers under long-term
contracts with additional requirements for availability, reliability, and other
plant-specific performance measures.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Sarnia has 20-year contracts with a customer group with
three five-year options for extensions to the contracts. The contracts allow
for up to 40 per cent of the plant&#146;s maximum capacity. These contracts set
payments for peak MWs, total MWhs supplied to the customers and steam consumed,
while TransAlta assumes the availability and heat rate risk. On Sept. 30, 2009,
TransAlta signed a new agreement with the Ontario Power Authority to supply up
to 444 MWs of electricity to the Ontario electricity market, which was
effective on July&nbsp;1, 2009 and expires on Dec.&nbsp;31, 2025. The remaining
capacity at Sarnia is available for export to the merchant market, based on
market prices. Electrical production at the remaining Ontario plants is subject
to contracts expiring in three to eight years. </font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Mississauga, Windsor-Essex, and Ottawa have contracts that
set availability targets and the price at which the plant will be paid per MWh
produced, as well as risk sharing of fuel costs based on market prices. Thermal
energy contracts for Mississauga and Windsor expire at the same time as the
energy production contracts and are with a different customer base. Ottawa has
thermal contracts with three different customers. The contract with the main
customer expires at the end of 2022. These contracts set payments for volumes
consumed, while TA Cogen assumes the heat rate risk. On Oct.&nbsp;12, 2007, the
Corporation signed an agreement amending the original PPA with the Ontario
Electricity Financial Corporation (&#147;OEFC&#148;) for the Ottawa Cogeneration Power
Plant. The agreement was entered into to ensure continued plant production
following the expiry of long-term natural gas supply contracts. The agreement
is in effect from Nov.&nbsp;1, 2007 until Dec.&nbsp;31, 2012.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to Consolidated Financial Statements&#160; <font color="#939598" style="color:#939598;">|&#160; </font><font color="#00a4e4" style="color:#00A4E4;">41</font></font><a name="PB_41_204106_5796"></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

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<div>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">28.&#160; PRIOR PERIOD REGULATORY
DECISION</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In response to a complaint filed by San Diego Gas&nbsp;&amp;
Electric Company under Section&nbsp;206 of the Federal Power Act (&#147;FPA&#148;), the
Federal Energy Regulatory Commission (&#147;FERC&#148;) established a claim of
approximately U.S.$46 million in refunds owing by TransAlta for sales made by
it in the organized markets of the California Power Exchange (&#147;PX&#148;) and the
California Independent System Operator (&#147;ISO&#148;) during the Oct.&nbsp;2, 2000
through June&nbsp;20, 2001 period (the &#147;Main Refund Transactions&#148;). TransAlta
has provided U.S.$46 million to account for refund liabilities relating to Main
Refund Transactions. TransAlta filed a cost-of-service-based petition for
relief from these refund obligations. FERC rejected TransAlta&#146;s relief
petition. On Dec.&nbsp;1, 2006, TransAlta filed for rehearing of FERC&#146;s
rejection. On Aug.&nbsp;24, 2007, the U.S. Court of Appeals for the Ninth
Circuit granted the appeal. TransAlta has requested a rehearing; however, FERC
has yet to make a ruling on such a request and such a decision is not expected
in the near future.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">During settlement negotiations, the California parties have
sought to obtain refunds for two sets of transactions beyond the Main Refund
Transactions. The first set includes sales made by sellers in the PX and ISO
markets in the period May&nbsp;1 to Oct.&nbsp;1, 2001 (the &#147;Summer Transactions&#148;).
The other set includes bilateral transactions between all sellers and a
component of the California Department of Water Resources (&#147;CDWR&#148;) referred to
as CERS (the &#147;CERS Transactions&#148;). FERC has specifically rejected attempts to
introduce refunds for the Summer and CERS Transactions. Nonetheless, the
California parties have sought rehearing of FERC&#146;s refusal and appealed the
refusal to the U.S. Court of Appeals for the Ninth Circuit. The Ninth Circuit
held that FERC&#146;s authorization of market-based rate tariffs in these
proceedings complied with the FPA, but that FERC erred in refusing refunds on
the grounds that it lacked authority to order refunds for violations of its
reporting requirement and remanded the case for further refund proceedings. The
court did not itself order any refunds, leaving it to FERC to consider
appropriate remedial options.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On March&nbsp;21, 2008, FERC issued an Order on Remand
establishing a refund hearing before an Administrative Law Judge to determine
whether any individual public utility seller&#146;s violation of FERC&#146;s market-based
rate quarterly reporting requirement failed to disclose an increased market
share sufficient to give it the ability to exercise market power and thus cause
its market-based rates to be unjust and unreasonable in California during the
2000&#150;2001 period. The California parties appealed FERC&#146;s basis for determining
refund liability but the appeal was denied by FERC on Oct.&nbsp;6, 2008. The
California Parties have sought rehearing of FERC&#146;s refusal and appealed the
refusal to the U.S. Court of Appeals for the Ninth Circuit. In a decision
issued Aug.&nbsp;24, 2007, which denied rehearing remanded matters to FERC, the
Ninth Circuit ruled that FERC had properly excluded both the Summer
Transactions and the CERS Transactions from the complaint proceeding. FERC has
yet to respond to the remand.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta does not presently believe the California parties
will be successful in obtaining refunds alleged for the Summer and CERS
transactions. TransAlta has not made any provision for such alleged refunds at
this time.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">29.&#160; SEGMENT DISCLOSURES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.&#160;&#160;&#160;&#160;&#160; Description
of Reportable Segments</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has two reportable segments as described in
Note 1.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Each business segment assumes responsibility for its
operating results measured as operating income or loss.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Generation expenses include COD&#146;s intersegment charge for
energy marketing and financial risk management services in the amount of $32
million (2008&#150;$30 million, 2007&#150;$27 million). COD&#146;s operating expenses are
presented net of these intersegment charges.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The accounting policies of the segments are the same as
those described in Note 1. Intersegment transactions are accounted for on a
cost-recovery basis that approximates market rates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;font-weight:bold;">42&#160;
</font></b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|&#160; </font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font><a name="PB_42_204249_7056"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.&#160;&#160;&#160;&#160;&#160; Reported
Segment Earnings and Segment Assets</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Earnings
information</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Generation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">COD</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Corporate</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,723</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">47</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,770</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fuel and purchased power</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,228</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1,228</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,495</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">47</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,542</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operations, maintenance, and
  administration</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">550</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">86</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">667</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">453</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">475</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Taxes, other than income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Intersegment cost allocation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">32</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(32</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,057</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">104</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,164</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">438</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">44</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(104</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">378</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange gain </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 7)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Writedown of mining development
  costs </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 3)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(16</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7 and 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(144</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other income </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings before
  non-controlling interests and income taxes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">234</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Generation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">COD</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Corporate</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,005</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">105</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fuel and purchased power</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,493</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,493</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,512</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">105</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,617</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operations, maintenance, and
  administration</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">487</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">53</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">97</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">637</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">409</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">428</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Taxes, other than income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Intersegment cost allocation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">945</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">113</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,084</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">567</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">79</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(113</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">533</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange loss </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 7)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(12</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7 and 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(110</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity loss </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(97</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other income </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:54.02%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings before
  non-controlling interests and income taxes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">319</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Generation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">COD</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Corporate</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,720</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,775</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fuel and purchased power</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,231</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1,231</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,489</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,544</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Operations, maintenance, and
  administration</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">447</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">96</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">577</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation and amortization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">391</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">406</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Taxes, other than income taxes</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Intersegment cost allocation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(27</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">885</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,003</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">604</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">541</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Foreign exchange gain </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 7)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Net interest expense </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Notes 7 and 17)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(133</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity loss </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 24)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(50</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other income </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 4)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.0pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:54.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Earnings before
  non-controlling interests and income taxes</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">377</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D50 1.5pt;padding:0in 0in 0in 0in;width:1.98%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Included above in Generation is $9 million (2008&#150;$5 million,
2007&#150;$5 million) of incentives received under a Government of Canada program in
respect of power generation from qualifying wind and hydro projects.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&#160; <font color="#939598" style="color:#939598;">|&#160;
</font></font><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;font-weight:bold;">43</font></b><a name="PB_43_204249_5335"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160;&#160;&#160; Selected
Consolidated Balance Sheets information</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Generation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">COD</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Corporate</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Goodwill </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 14)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">404</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">30</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">434</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total segment assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9,133</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">148</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">481</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9,762</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at
  Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Goodwill </font><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">(Note 14)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">112</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">142</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total segment assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7,119</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">206</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">499</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7,824</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A portion of goodwill is related to CE Gen, a
self-sustaining foreign operation denominated in U.S. dollars. Unrealized
foreign exchange gains and losses related to the translation of self-sustaining
foreign operations do not affect net earnings and as such translation gains and
losses are reflected in AOCI.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">III.&#160;&#160;&#160;&#160;&#160; Selected
Consolidated Statements of Cash Flows information</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Generation</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">COD</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Corporate</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capital expenditures</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">879</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">904</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended
  Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capital expenditures</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">992</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,006</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended
  Dec.&nbsp;31, 2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Capital expenditures</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">577</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">599</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">IV.&#160;&#160;&#160;&#160; Depreciation
and amortization on the Consolidated Statements of Cash Flows</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The reconciliation between depreciation expense on the
Consolidated Statements of Earnings and Consolidated Statements of Cash Flows
is presented below:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation and amortization
  expense on the Consolidated Statements of Earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">475</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">428</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">406</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Depreciation included in fuel and
  purchased power</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">40</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">38</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accretion expense included in
  depreciation and amortization expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(24</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Depreciation and
  amortization on the Consolidated Statements of Cash Flows</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">493</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">451</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">415</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.&#160;&#160;&#160;&#160;&#160; Geographic
Information</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Revenues</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,631</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,839</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,742</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">U.S.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,042</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,165</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">932</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Australia</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">97</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">106</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">101</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total revenue</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,770</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3,110</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,775</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160;&#160;&#160; Property,
Plant, and Equipment and Goodwill</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Property, Plant, and</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Equipment <i>(</i></font></b><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Note 13)</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Goodwill <i>(</i></font></b><i><font size="1" face="Arial" style="font-size:6.0pt;font-style:italic;">Note 14)</font></i></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Canada</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6,220</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4,464</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">360</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">57</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">U.S.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,182</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,418</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">74</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">85</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Australia</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">176</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">152</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7,578</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6,034</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">434</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">142</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">A change in foreign exchange rates from 2008 to 2009 has
resulted in a $179 million decrease in net book value of PP&amp;E and a $12
million decrease in goodwill. The change in foreign exchange rates related to
translation of self-sustaining foreign operations does not affect net earnings;
rather any cumulative translation gains and losses are reflected in AOCI.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;font-weight:bold;">44&#160; </font></b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|&#160; </font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font><a name="PB_44_204249_5796"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='44',FILE='C:\JMS\nsampath\10-4104-1\task3950703\4104-1-km-19.htm',USER='105226',CD='Feb 24 08:18 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">30.  STOCK-BASED COMPENSATION
PLANS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, the Corporation had two types of
stock-based compensation plans and an employee share purchase plan.</font></p>

<p style="line-height:8.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation is authorized to grant employees options to
purchase up to an aggregate of 13.0 million common shares at prices based on
the market price of the shares as determined on the grant date. The Corporation
has reserved 13.0 million common shares for issue.</font></p>

<p style="line-height:8.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.&#160;&#160;&#160;&#160;&#160; Fixed
Stock Option Plans</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Canadian
Employee Plan</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">This plan is offered to all full-time and part-time
employees in Canada at or below the level of manager. Options granted under
this plan may not be exercised until one year after grant and thereafter at an
amount not exceeding 25 per cent of the grant per year on a cumulative basis until
the fifth year, after which the entire grant may be exercised until the tenth
year, which is the expiry date.</font></p>

<p style="line-height:8.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">II.&#160;&#160;&#160;&#160;&#160;&#160; U.S.
Plan</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">This plan mirrors the rules&nbsp;of the Canadian plan.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">III.&#160;&#160;&#160;&#160;&#160; Australian
Phantom Plan</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">This plan came into effect in 2001 and was offered to all
full-time and part-time employees in Australia, excluding directors and
officers. Options under this plan are not physically granted; rather, employees
receive the equivalent value of shares in cash when exercised. Options granted
under this plan may not be exercised until one year after grant and thereafter
at an amount not exceeding 25 per cent of the grant per year on a cumulative
basis until the fifth year, after which the entire grant may be exercised until
the tenth year, which is the expiry date.</font></p>

<p style="line-height:8.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The total options outstanding and exercisable under these
fixed stock option plans at Dec.&nbsp;31, 2009 are shown below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="320" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="221" colspan="5" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:165.45pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Options outstanding</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="142" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:106.35pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Options exercisable</font></b></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:4.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Weighted</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:4.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Number</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">average</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Weighted</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Number</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Weighted</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in 0in 0in 0in;width:4.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">outstanding at</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">remaining</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">average</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">exercisable at</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">average</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in 0in 0in 0in;width:4.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">contractual</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">exercise price</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">exercise price</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in 0in 0in 0in;width:4.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Range of exercise prices (per share)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(millions)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">life (years)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(per share)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(millions)</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(per share)</font></b></p>
  </td>
  <td width="6" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:4.75pt;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">11.47&#150;17.70</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.2</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2.9</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14.81</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.2</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14.81</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.8%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">17.71&#150;23.94</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.4</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4.2</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18.81</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.4</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18.81</font></p>
  </td>
  <td width="0" valign="bottom" style="padding:0in 0in 0in 0in;width:0in;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">23.95&#150;30.18</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.1</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.3</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27.70</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.1</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27.70</font></p>
  </td>
  <td width="0" valign="bottom" style="padding:0in 0in 0in 0in;width:0in;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">30.19&#150;36.41</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.8</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8.1</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32.29</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.2</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32.29</font></p>
  </td>
  <td width="0" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:0in;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="320" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:239.9pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">11.47&#150;36.41</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:11.8pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:47.35pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.5</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.9</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">26.36</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.9</font></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:11.75pt;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:47.3pt;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22.28</font></p>
  </td>
  <td width="0" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:0in;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The change in the number of options
outstanding under the fixed option plans are outlined below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:34.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:19.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="19%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:19.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:19.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Weighted</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Weighted</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Weighted</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Number of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">average</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Number of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">average</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Number of</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">average</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">share options</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">exercise price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">share options</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">exercise price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">share options</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">exercise price</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:34.16%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(millions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(per share)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(millions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(per share)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(millions)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">(per share)</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Outstanding, beginning of year</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1.7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">26.80</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19.69</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20.20</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Granted</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32.10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Exercised</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(0.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20.52</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(0.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">21.39</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:34.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cancelled or expired</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(0.2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">26.47</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(0.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27.96</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(0.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">17.52</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:34.16%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Outstanding, end
  of year</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1.5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">26.36</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">26.80</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.1%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.7%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19.69</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&#160; <font color="#939598" style="color:#939598;">|&#160;
</font></font><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;font-weight:bold;">45</font></b><a name="PB_45_204359_2897"></a></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='45',FILE='C:\JMS\105569\10-4104-1\task3950196\4104-1-km-21.htm',USER='105569',CD='Feb 24 04:37 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.&#160;&#160;&#160;&#160;&#160; Performance
Share Ownership Plan (&#147;PSOP&#148;)</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Under the terms of the PSOP, which commenced in 1997, the
Corporation is authorized to grant to employees and directors up to an
aggregate of 4.0 million common shares. The number of common shares that could
be issued under both the PSOP and the share option plans, however, can not
exceed 13.0 million common shares. Participants in the PSOP receive grants
which, after three years, make them eligible to receive a set number of common
shares or cash equivalent up to the maximum of the grant amount plus any
accrued dividends thereon. Once a participant&#146;s PSOP eligibility has been
established, 50 per cent of the shares may be released to the participant,
while the remaining 50 per cent will be held in trust for one additional year.
The actual number of common shares or cash equivalent a participant may receive
is determined by the percentile ranking of the total shareholder return over
three years of the Corporation&#146;s common shares amongst the companies comprising
the comparator group. Expense related to this plan is recorded during the
period earned, with the corresponding payable recorded in liabilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="8" style="height:5.65pt;">
  <td width="54%" height="8" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:54.86%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year
  ended Dec.&nbsp;31 (millions)</font></b></p>
  </td>
  <td width="23%" height="8" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:23.06%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="3%" height="8" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:3.88%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="8" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="3%" height="8" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:3.84%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="8" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" height="8" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:5.65pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="14" style="height:10.45pt;">
  <td width="54%" height="14" valign="bottom" style="border:none;height:10.45pt;padding:0in 0in 0in 0in;width:54.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Number of awards outstanding, beginning of year</font></p>
  </td>
  <td width="23%" height="14" valign="bottom" style="border:none;height:10.45pt;padding:0in 0in 0in 0in;width:23.06%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.9</font></b></p>
  </td>
  <td width="3%" height="14" valign="bottom" style="border:none;height:10.45pt;padding:0in 0in 0in 0in;width:3.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="14" valign="bottom" style="border:none;height:10.45pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.0</font></p>
  </td>
  <td width="3%" height="14" valign="bottom" style="border:none;height:10.45pt;padding:0in 0in 0in 0in;width:3.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="14" valign="bottom" style="border:none;height:10.45pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.2</font></p>
  </td>
  <td width="1%" height="14" valign="bottom" style="border:none;height:10.45pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="16" style="height:11.8pt;">
  <td width="54%" height="16" valign="bottom" style="height:11.8pt;padding:0in 0in 0in 0in;width:54.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Granted</font></p>
  </td>
  <td width="23%" height="16" valign="bottom" style="height:11.8pt;padding:0in 0in 0in 0in;width:23.06%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">0.5</font></b></p>
  </td>
  <td width="3%" height="16" valign="bottom" style="height:11.8pt;padding:0in 0in 0in 0in;width:3.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="16" valign="bottom" style="height:11.8pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.2</font></p>
  </td>
  <td width="3%" height="16" valign="bottom" style="height:11.8pt;padding:0in 0in 0in 0in;width:3.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="16" valign="bottom" style="height:11.8pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.4</font></p>
  </td>
  <td width="1%" height="16" valign="bottom" style="height:11.8pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.05pt;">
  <td width="54%" height="15" valign="bottom" style="height:11.05pt;padding:0in 0in 0in 0in;width:54.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Exercised</font></p>
  </td>
  <td width="23%" height="15" valign="bottom" style="height:11.05pt;padding:0in 0in 0in 0in;width:23.06%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(0.2</font></b></p>
  </td>
  <td width="3%" height="15" valign="bottom" style="height:11.05pt;padding:0in 0in 0in 0in;width:3.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="6%" height="15" valign="bottom" style="height:11.05pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(0.2</font></p>
  </td>
  <td width="3%" height="15" valign="bottom" style="height:11.05pt;padding:0in 0in 0in 0in;width:3.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="6%" height="15" valign="bottom" style="height:11.05pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(0.1</font></p>
  </td>
  <td width="1%" height="15" valign="bottom" style="height:11.05pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr height="14" style="height:10.75pt;">
  <td width="54%" height="14" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:10.75pt;padding:0in 0in 0in 0in;width:54.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Cancelled or expired</font></p>
  </td>
  <td width="23%" height="14" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:10.75pt;padding:0in 0in 0in 0in;width:23.06%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(0.2</font></b></p>
  </td>
  <td width="3%" height="14" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:10.75pt;padding:0in 0in 0in 0in;width:3.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="6%" height="14" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:10.75pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(0.1</font></p>
  </td>
  <td width="3%" height="14" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:10.75pt;padding:0in 0in 0in 0in;width:3.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="6%" height="14" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:10.75pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(0.5</font></p>
  </td>
  <td width="1%" height="14" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;height:10.75pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr height="19" style="height:14.1pt;">
  <td width="54%" height="19" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;height:14.1pt;padding:0in 0in 0in 0in;width:54.86%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Number of awards outstanding, end of year</font></b></p>
  </td>
  <td width="23%" height="19" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;height:14.1pt;padding:0in 0in 0in 0in;width:23.06%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1.0</font></b></p>
  </td>
  <td width="3%" height="19" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;height:14.1pt;padding:0in 0in 0in 0in;width:3.88%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="19" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;height:14.1pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">0.9</font></p>
  </td>
  <td width="3%" height="19" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;height:14.1pt;padding:0in 0in 0in 0in;width:3.84%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" height="19" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;height:14.1pt;padding:0in 0in 0in 0in;width:6.22%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1.0</font></p>
  </td>
  <td width="1%" height="19" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;height:14.1pt;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, PSOP compensation expense was $7 million after-tax
(2008&#150;$5 million after-tax, 2007&#150;$7 million after-tax), which is included in
OM&amp;A expense in the Consolidated Statements of Earnings. In 2009, 224,591
common shares were issued at $22.08 per share. In 2008, 221,855 common shares
were issued at $24.30 per share. In 2007, 103,896 common shares were issued at
$33.35 per share.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.&#160;&#160;&#160;&#160;&#160; Employee
Share Purchase Plan</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Under the terms of the employee share purchase plan, the
Corporation will extend an interest-free loan (up to 30 per cent of an
employee&#146;s base salary) to employees below executive level and allow for
payroll deductions over a three-year period to repay the loan. Executives are
not eligible for this program in accordance with the Sarbanes-Oxley
legislation. The Corporation will purchase these common shares on the open
market on behalf of employees at prices based on the market price of the shares
as determined on the date of purchase. Employee sales of these shares are
handled in the same manner. At Dec.&nbsp;31, 2009, accounts receivable from
employees under the plan totalled $3 million (2008&#150;$3 million).</font></p>

<p style="line-height:8.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">D.&#160;&#160;&#160;&#160;&#160; Stock-Based
Compensation</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">At Dec.&nbsp;31, 2009, the Corporation had 1.5 million
outstanding employee stock options (2008&#150;1.7 million). </font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation uses the fair value method of accounting for
awards granted under its fixed stock option plans.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The estimated fair value of these options granted was
determined using the Black-Scholes option-pricing model in 2008 and the
binomial model in 2005 and 2002 using the following assumptions:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2005</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2002</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Weighted average fair value per
  option</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6.31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6.84</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4.25</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Risk-free interest rate (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.9</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Expected life of the options
  (years)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Dividend rate (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4.9</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Volatility in the price of the
  Corporation&#146;s shares (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47.0</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">28.3</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">31.&#160; EMPLOYEE FUTURE BENEFITS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">A.&#160;&#160;&#160;&#160;&#160; Description</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation has registered pension plans in Canada and
the U.S. covering substantially all employees of the Corporation in these
countries and specific named employees working internationally. These plans
have defined benefit and defined contribution options, and in Canada there is
an additional supplemental defined benefit plan for certain employees whose
annual earnings exceed the Canadian income tax limit. The defined benefit
option of the registered pension plans has been closed for new employees for
all periods presented.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The latest actuarial valuations for accounting purposes of
the registered and supplemental pension plans were as at Dec.&nbsp;31, 2009.
The measurement date used to determine plan assets and accrued benefit
obligation was Dec.&nbsp;31, 2009. The last actuarial valuation for funding
purposes of the registered plan was Dec.&nbsp;31, 2007, and the effective date
of the next required valuation for funding purposes is Dec.&nbsp;31, 2010. The
supplemental pension plan is solely the obligation of the Corporation. The Corporation
is not obligated to fund the supplemental plan but is obligated to pay benefits
under the terms of the plan as they come due. The Corporation has posted a
letter of credit in the amount of $58 million to secure the obligations under
the supplemental plan.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;font-weight:bold;">46&#160; </font></b><font size="1" color="#939598" face="Arial" style="color:#939598;font-size:6.5pt;">|&#160; </font><font size="1" face="Arial" style="font-size:6.5pt;">TransAlta Corporation</font><a name="PB_46_204359_3020"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='46',FILE='C:\JMS\105569\10-4104-1\task3950196\4104-1-km-21.htm',USER='105569',CD='Feb 24 04:37 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation provides other health and dental benefits to
the age of 65 for both disabled members (other post-employment benefits) and
retired members (other post-retirement benefits). The latest actuarial
valuation of these other plans was as at Dec.&nbsp;31, 2007. The measurement
date used to determine the accrued benefit obligation was also Dec.&nbsp;31,
2009.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">B.&#160;&#160;&#160;&#160;&#160; Costs
Recognized</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The costs recognized during the year on the defined benefit,
defined contribution, and other health and dental benefit plans are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actual return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(38</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(38</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actuarial loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">36</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">13</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">56</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Difference between expected return
  and actual return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">19</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Difference between amortized and
  actuarial gain on accrued benefit obligation for the year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(12</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(51</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amortization of net transition
  asset</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(9</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(9</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Defined benefit (income) expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Defined contribution option expense
  of registered pension plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net expense</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">24</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actual return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">55</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">55</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actuarial gain</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(49</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(58</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Difference between expected return
  and actual return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(79</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(79</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Difference between amortized and
  actuarial loss on accrued benefit obligation for the year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">61</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Past service costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Difference between amortized and
  actual plan amendments of past service costs for the year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amortization of net transition
  asset</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(9</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Defined benefit (income) expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Defined contribution option expense
  of registered pension plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">17</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net expense</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">8</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2007</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">19</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actual return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(10</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actuarial (gain) loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(11</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Difference between expected return
  and actual return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(15</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(15</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Difference between amortized and
  actuarial loss (gain) on accrued benefit obligation for the year</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amortization of net transition
  asset</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(9</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Defined benefit (income) expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(10</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Defined contribution option expense
  of registered pension plan</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">15</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Net expense</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">In 2009, 2008, and 2007, the entire
net expense is related to continuing operations.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&#160; <font color="#939598" style="color:#939598;">|</font>&#160; </font><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;font-weight:bold;">47</font></b><a name="PB_47_203844_5796"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='47',FILE='C:\JMS\105569\10-4104-1\task3950196\4104-1-km-23.htm',USER='105569',CD='Feb 24 04:36 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">C.&#160;&#160;&#160;&#160;&#160; Status
of Plans</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The status of the defined benefit and
other health and dental benefit plans is as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fair value of plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">299</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">302</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">358</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">55</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">446</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Funded status&#150;plan deficit</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(59</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(52</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(144</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amounts not yet recognized in the
  consolidated financial statements:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Unrecognized past service costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Unamortized transition (asset)
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(9</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(8</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Unamortized net actuarial gains</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">85</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">11</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">111</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total recognized in the
  consolidated financial statements:</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit asset (liability)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(34</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(20</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(36</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amortization period in years</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">14</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">15</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fair value of plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">279</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">282</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">324</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">391</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Funded status&#150;plan deficit</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(45</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(44</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(109</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amounts not yet recognized in the
  consolidated financial statements:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Unrecognized past service costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Unamortized transition (asset)
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(17</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Unamortized net actuarial gains</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">72</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">81</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total recognized in the
  consolidated financial statements:</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit liability</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(33</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(17</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(41</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Amortization period in years</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">13</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">15</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The current portion of the accrued benefit liability is
included in accounts payable and accrued liabilities on the Consolidated
Balance Sheets. The long-term portion is included in other assets and deferred
credits and other long-term liabilities.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued current liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other long-term (assets)
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">31</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit (asset) liability</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(18</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">34</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">20</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">36</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued current liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Other long-term (assets)
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">33</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">40</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit (asset) liability</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(9</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">33</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">17</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">41</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">D.&#160;&#160;&#160;&#160;&#160; Contributions</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Expected cash flows on the defined
benefit and other health and dental benefit plans are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Employer contributions </font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2010 (expected)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">12</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Expected benefit payments</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2010</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">32</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2011</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">33</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2012</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">33</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2013</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">33</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2014</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">28</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">34</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:55.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">2015&#150;2019</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">141</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">18</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">14</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">173</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;font-weight:bold;">48</font></b><font size="1" face="Arial" style="font-size:6.5pt;">&#160; <font color="#939598" style="color:#939598;">|</font>&#160; TransAlta
Corporation</font><a name="PB_48_203844_2897"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">E.&#160;&#160;&#160;&#160;&#160;&#160; Plan
Assets</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:6.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The plan assets of the defined
benefit and other health and dental benefit plans are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fair value of plan assets at
  Dec.&nbsp;31, 2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">356</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">358</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Contributions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Benefits paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(32</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Effect of translation on U.S. plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actual return on plan assets</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Fair value of plan assets at
  Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">279</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">282</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Contributions</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Benefits paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Benefits transferred in</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Effect of translation on U.S. plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actual return on plan assets</font><font size="1" face="Arial" style="font-size:5.0pt;position:relative;top:-2.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">38</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">38</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="58%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:58.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Fair value of plan
  assets at Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">299</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">302</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:2.0pt;font-style:italic;">&nbsp;</font></i></p>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Net of expenses.</font></i></p>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">2</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">Transfer of pension assets for addition of employees.</font></i></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-autospace:none;text-indent:-.25in;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The Corporation&#146;s investment policy is to seek a
consistently high investment return over time while maintaining an acceptable
level of risk to satisfy the benefit obligations of the pension plans. The goal
is to maintain a long-term rate of return on the fund that at least equals the
growth of liabilities, currently seven per cent. The pension fund may be
invested in a variety of permitted investments including publicly traded common
or preferred shares, rights or warrants, convertible debentures or preferred
securities, bonds, debentures, mortgages, notes or other debt instruments of
government agencies or corporations, private company securities, guaranteed
investment contracts, term deposits, cash or money market securities, and
mutual or pooled funds eligible for pension fund investment. The targeted asset
allocation is 50 per cent equity and 50 per cent fixed income. Cash and money
market instruments may be held from time-to-time as short-term investments or
as defensive reserves within the portfolios of each asset class. The fund may
invest in derivatives for the purpose of hedging the portfolio or altering the
desired mix of the fund. Derivative transactions that leverage the fund in any
way are not permitted without the specific approval of the Corporation&#146;s
Pension Committee.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The allocation of defined benefit plan assets by major asset
category at Dec.&nbsp;31, 2009 and 2008 is as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">52%</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">45%</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3%</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">100%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">100%</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">100%</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">51%</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">48%</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1%</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">100%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="76%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:76.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">100%</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">100%</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Plan assets do not include any common shares of the
Corporation at Dec.&nbsp;31, 2009. The Corporation charged the registered plan
$0.1 million for administrative services provided for the year ended
Dec.&nbsp;31, 2009 (2008 &#150; $0.1 million).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The fair value of the total defined
benefit plan assets by major asset category at Dec.&nbsp;31, 2009 is as
follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">132</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">155</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">125</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">136</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:54.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">268</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">12</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:8.5%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">302</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&#160; <font color="#939598" style="color:#939598;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">49</font><a name="PB_49_204018_3020"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='49',FILE='C:\JMS\105569\10-4104-1\task3950196\4104-1-km-25.htm',USER='105569',CD='Feb 24 04:36 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The fair value of the Canadian defined benefit plan assets
by major category at Dec.&nbsp;31, 2009 is as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">132</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">12</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">144</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">125</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">125</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">264</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">12</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">276</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The fair value of the U.S. defined
benefit plan assets by major category at Dec.&nbsp;31, 2009 is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">11</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">23</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The fair value of the supplemental plan
assets by major category at Dec.&nbsp;31, 2009 is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level I</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level II</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Level III</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Equity securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Debt securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">F.&#160;&#160;&#160;&#160;&#160;&#160; Accrued
Benefit Obligation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The accrued benefit obligation on the
defined benefit and other health and dental benefit plans is as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit obligation as at
  Dec.&nbsp;31, 2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">373</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">49</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">23</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">445</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Past service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Benefits paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(27</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(32</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Effect of translation on U.S. plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actuarial gain</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(49</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(58</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit obligation as at
  Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">324</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">47</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">20</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">391</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Interest cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">22</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">27</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Benefits paid</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(26</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Benefits transferred in</font><font size="1" face="Arial" style="font-size:3.5pt;position:relative;top:-3.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Effect of translation on U.S. plans</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Actuarial loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">36</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">13</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">56</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:54.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Accrued benefit
  obligation as at Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">358</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">55</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">446</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .15in;text-align:justify;text-autospace:none;text-indent:-.15in;"><i><font size="1" face="Arial" style="font-size:6.5pt;font-style:italic;">1&#160;&#160; Transfer
of accrued benefit obligation for addition of employees.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">50</font><font size="1" face="Arial" style="font-size:6.5pt;">&#160; <font color="#939598" style="color:#939598;">|</font>&#160; TransAlta
Corporation</font><a name="PB_50_204018_7748"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='50',FILE='C:\JMS\105569\10-4104-1\task3950196\4104-1-km-25.htm',USER='105569',CD='Feb 24 04:36 2010' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt 16.7pt;text-align:justify;text-autospace:none;text-indent:-16.65pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">G.&#160;&#160;&#160;&#160;&#160; Assumptions</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The significant actuarial assumptions adopted in measuring
the Corporation&#146;s accrued benefit obligation on the defined benefit and other
health and dental benefit plans are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.32%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit obligation at Dec.&nbsp;31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Discount rate (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6.0</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6.0</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">5.7</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Rate of compensation increase (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3.0</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3.0</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Benefit cost for year ended
  Dec.&nbsp;31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Discount rate (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7.2</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7.3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7.0</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Rate of compensation increase (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3.2</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3.3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Expected rate of return on plan assets
  (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">7.1</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Assumed health care cost trend rate
  at Dec.&nbsp;31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Health care cost escalation (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">9.2&#150;10.5 </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Dental care cost escalation (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">4.0</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Provincial health care premium
  escalation (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">6.0</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.32%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.32%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Accrued benefit obligation at
  Dec.&nbsp;31</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Discount rate (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7.2</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Rate of compensation increase (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3.2</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Benefit cost for year ended
  Dec.&nbsp;31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Discount rate (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.5</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">5.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Rate of compensation increase (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3.7</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">3.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Expected rate of return on plan
  assets (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">7.1</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Assumed health care cost trend rate
  at Dec.&nbsp;31</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Health care cost escalation (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">9.0&#150;10.5 </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:5.0pt;font-weight:bold;position:relative;top:-2.0pt;">(1)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Dental care cost escalation (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">4.0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.32%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Provincial health care premium
  escalation (%)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">&#150;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.18%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.04%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><i><font size="1" face="Arial" style="font-size:8.0pt;font-style:italic;">1 &#160;Decreasing gradually to five per cent by 2018
for Canadian plans and by 2017&#150;2020 for U.S. plans and remaining at that level
thereafter.</font></i></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The expected long-term rate of return on plan assets is
based on past performance and economic forecasts for the types of investments
held by the plan.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:8.0pt;font-weight:bold;">H.&#160;&#160;&#160;&#160;&#160; Sensitivity
Analysis</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">The following changes would occur in the defined benefit and
other health and dental benefit plans if there was a change of +/&#150; one
percentage point in the discount rate, trend rate, or expected rate of return
on plan assets:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Canadian plans:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:65.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Supplemental</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% increase in the discount rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2009 accrued benefit
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(30</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% decrease in the discount rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2009 accrued benefit
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">35</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">8</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% increase in the trend rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2009 accrued benefit
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% decrease in the trend rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2009 accrued benefit
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% increase in the expected rate of
  return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% decrease in the expected rate of
  return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="65%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:65.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&#160; <font color="#939598" style="color:#939598;">|</font>&#160; </font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">51</font><a name="PB_51_204018_141"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='51',FILE='C:\JMS\105569\10-4104-1\task3950196\4104-1-km-25.htm',USER='105569',CD='Feb 24 04:36 2010' -->



<br clear="all" style="page-break-before:always;">
<div>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">U.S.
plans:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="75%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:75.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Year ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Pension</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Other</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% increase in the discount rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2009 accrued benefit
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% decrease in the discount rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2009 accrued benefit
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% increase in the trend rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2009 accrued benefit
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% decrease in the trend rate</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2009 accrued benefit
  obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% increase in the expected rate of
  return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">1% decrease in the expected rate of
  return on plan assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="75%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:75.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Impact on 2010 estimated expense</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">32.&#160; JOINT VENTURES</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Joint ventures at Dec.&nbsp;31, 2009 included the following:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="25%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:25.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Joint venture</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:13.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61%" valign="top" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:61.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Sheerness
  joint venture</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Coal-fired
  plant in Alberta, of which TA Cogen has a 50 per cent interest, operated by
  Canadian Utilities Limited</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Meridian
  joint venture</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Cogeneration
  plant in Alberta, of which TA Cogen has a 50 per cent interest, operated by
  TransAlta</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Fort
  Saskatchewan joint venture</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">60%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Cogeneration
  plant in Alberta, of which TA Cogen has a 60 per cent interest, operated by
  TransAlta</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">McBride
  Lake joint venture</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Wind
  generation facilities in Alberta operated by TransAlta</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Goldfields
  Power joint venture</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Gas-fired
  plant in Australia operated by TransAlta</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">CE
  Generation LLC</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Geothermal
  and gas plants in the United States operated by CE Gen affiliates</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Genesee
  3</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Coal-fired
  plant in Alberta operated by Capital Power Corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Wailuku</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">A
  run-of-river generation facility in Hawaii operated by MidAmerican Energy
  Holdings Company</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Keephills
  3</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Coal-fired
  plant under construction in Alberta. The plant is being developed jointly
  with Capital Power Corporation and will be operated by TransAlta</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Taylor
  Hydro</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Hydro
  facility in Alberta operated by TransAlta</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Soderglen</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Wind
  generation facilities in Alberta operated by TransAlta</font></p>
  </td>
 </tr>
 <tr>
  <td width="25%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:25.42%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Pingston</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:13.08%;">
  <p align="center" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">50%</font></p>
  </td>
  <td width="61%" valign="top" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:61.5%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">Hydro
  facility in British Columbia operated by TransAlta</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">52</font><font size="1" face="Arial" style="font-size:6.5pt;">&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;TransAlta
Corporation</font><a name="PB_52_204120_7608"></a></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<div>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">Summarized information on the results of operations,
financial position and cash flows relating to the Corporation&#146;s pro-rata
interests in its jointly controlled corporations was as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:6.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2008</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:6.0pt;font-weight:bold;">2007</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Results of
  operations</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Revenues</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">539</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">619</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">609</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Expenses</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(409</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(494</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(454</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(34</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(55</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(44</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Proportionate share of net earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">96</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">70</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">111</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Cash flows</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow from operations</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">111</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">273</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">112</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow used in investing
  activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(168</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(376</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(147</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Cash flow (used in) from financing
  activities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(60</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">30</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(93</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Proportionate share of decrease in
  cash and cash equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(117</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(73</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(128</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">Financial position</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">147</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">166</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">91</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">2,371</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">2,144</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,924</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Current liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(114</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(202</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(144</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Long-term liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(356</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(503</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(390</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">(325</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(351</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">(373</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:66.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Arial" style="font-size:7.5pt;">Proportionate share of net assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Arial" style="font-size:7.5pt;font-weight:bold;">1,723</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,254</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:9.0%;">
  <p align="right" style="line-height:11.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Arial" style="font-size:7.5pt;">1,108</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid #949D51 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="line-height:11.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><i><font size="3" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:12.0pt;font-style:italic;font-weight:bold;">33.&#160; SUBSEQUENT EVENTS</font></i></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">TransAlta has evaluated subsequent events through to
Feb.&nbsp;23, 2010, which represents the date the consolidated financial
statements were issued. TransAlta has not evaluated any subsequent events after
that date.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Summerview
2</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Feb. 23, 2010, the 66 MW Summerview 2 wind farm began
commercial operations on budget and ahead of schedule. The total cost of the
project was $123 million.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" color="#949d51" face="Arial" style="color:#949D51;font-size:8.0pt;font-weight:bold;">Kent Hills Expansion</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">On Jan.&nbsp;11, 2010, TransAlta announced that it had been
awarded a 25-year contract to provide an additional 54 MW of wind power to New
Brunswick Power Distribution and Customer Service Corporation. Under the
agreement, TransAlta will expand its existing 96 MW Kent Hills wind facility.
The total capital cost of the project is estimated to be $100 million and is
expected to begin commercial operations by the end of 2010. Natural Forces will
have the option to purchase up to a 17 per cent interest in the new operating
facility upon completion.</font></p>

<p style="line-height:10.5pt;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Arial" style="font-size:6.5pt;">Notes to
Consolidated Financial Statements&nbsp;&nbsp;<font color="#939598" style="color:#939598;">|</font>&nbsp;&nbsp;</font><font size="1" color="#00a4e4" face="Arial" style="color:#00A4E4;font-size:7.0pt;">53</font><a name="PB_53_204120_8146"></a></p>

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<DOCUMENT>
<TYPE>EX-13.4
<SEQUENCE>5
<FILENAME>a10-4104_1ex13d4.htm
<DESCRIPTION>EX-13.4 RECONCILIATION TO US GAAP OF THE 2009 ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS.
<TEXT>

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<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 13.4</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">TRANSALTA
CORPORATION</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:37.2pt;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">RECONCILIATION
TO UNITED STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">DECEMBER
31, 2009</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">1<a name="PB_1_121410_3020"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">INDEPENDENT
AUDITORS&#146; REPORT ON RECONCILIATION TO UNITED STATES GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">To the Board of Directors of
TransAlta Corporation</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">On February&nbsp;23, 2010, we reported on the
consolidated balance sheets of TransAlta Corporation as at December&nbsp;31,
2009 and 2008 and the consolidated statements of earnings and retained
earnings, comprehensive income and cash flows for each of the years in the
three year period ended December&nbsp;31, 2009 (the &#147;Consolidated Financial
Statements&#148;) which are included in the Annual Report on Form&nbsp;40-F.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">In connection with our audits conducted in accordance
with Canadian generally accepted auditing standards and the standards of the
Public Company Accounting Oversight Board (United States) of the Consolidated
Financial Statements, we also have audited the related supplemental note entitled
&#147;Reconciliation to United States Generally Accepted Accounting Principles&#148;
included in the Form&nbsp;40-F. This supplemental note is the responsibility of
the Corporation&#146;s management. Our responsibility is to express an opinion on
this supplemental note based on our audit.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">In our opinion, such supplemental note, when
considered in relation to the Consolidated Financial Statements taken as a
whole, presents fairly, in all material respects, the information set forth
therein.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">As discussed in the supplemental note entitled
&#147;Reconciliation to United States Generally Accepted Accounting Principles&#148;, the
Corporation changed its method of accounting for business combinations and
non-controlling interest by the adoption of the guidance originally issued by
the Financial Accounting Standards Board (FASB) Statement No.&nbsp;141(R), <i>Business Combinations</i> (codified in FASB
Accounting Standards Codification (ASC) Topic 805, <i>Business Combinations),</i> and FASB Statement No.&nbsp;160, <i>Noncontrolling Interests in Consolidated Financial
Statements</i>, an amendment of Accounting Research Bulletin (ARB)
No.&nbsp;51 (codified in FASB ASC Topic 810, <i>Consolidation)</i>,
both effective January&nbsp;1, 2009.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Arial"><img width="209" height="44" src="g41041koi001.jpg"></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Calgary, Canada</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">February&nbsp;23, 2010</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Chartered Accountants</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">2<a name="PB_2_121410_7748"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">RECONCILIATION
TO UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">This
financial information has been prepared in accordance with Canadian Generally
Accepted Accounting Principles (&#147;Canadian GAAP&#148;), which, in most respects,
conform to the United States Generally Accepted Accounting Principles (&#147;U.S.
GAAP&#148;). This information does not include all of the disclosures included in
TransAlta Corporation&#146;s annual consolidated financial statements. Accordingly,
this information should be read in conjunction with the Corporation&#146;s most
recent annual audited consolidated financial statements. All amounts herein are
in millions of Canadian dollars unless otherwise noted.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
material differences to reconcile Canadian GAAP to U.S. GAAP are described below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">A. EARNINGS, EARNINGS PER SHARE (&#147;EPS&#148;) AND
COMPREHENSIVE INCOME INFORMATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">Reconciling<br>
  items</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.7%;">
  <p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
  <p align="right" style="margin:0in 9.35pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2008</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net earnings -
  Canadian GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">181</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">235</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">309</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net earnings
  attributable to non-controlling interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">48</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Revenues, net of
  tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">X</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(21</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Pension cost, net
  of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">V</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(6</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Start-up costs,
  net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">III</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">5</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Share-based
  payment, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">VII</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Sale of minority
  interest in Kent Hills</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">VIII</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Acquisition-related
  costs, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">IX</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(26</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Net
  earnings - U.S. GAAP</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">169</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">291</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">352</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net earnings
  attributable to non-controlling interests - U.S. GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">48</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Net
  earnings attributable to TransAlta - U.S. GAAP</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">131</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">230</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">304</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Weighted
  average number of common shares outstanding in</font></b><font size="1" style="font-size:8.0pt;">  <b>the period</b></font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">201</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">199</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">202</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Net
  earnings attributable to TransAlta per share, basic and</font></b><font size="1" style="font-size:8.0pt;">  <b>diluted
  - U.S. GAAP</b></font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">0.65</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1.16</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1.50</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">Reconciling<br>
  items</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.7%;">
  <p align="right" style="margin:0in 4.3pt .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.64%;">
  <p align="right" style="margin:0in 9.35pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2008</font></p>
  </td>
  <td width="10%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2007</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Net
  earnings - U.S. GAAP</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">169</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">291</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">352</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other
  comprehensive income (loss) - Canadian GAAP</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">246</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">306</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Difference in
  cumulative translation adjustment between U.S. and Canadian GAAP </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">- </font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">- </font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7 </font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Employee future
  benefits</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">V</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(22</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(18</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">12</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Cash flow hedges</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">I</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(12</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Comprehensive
  income - U.S. GAAP</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">381</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">586</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">368</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Comprehensive
  income attributable to non-controlling interests - U.S. GAAP</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">38</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">48</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:52.7%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Comprehensive
  income attributable to TransAlta - U.S. GAAP</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.64%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.76%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">343</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.94%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">525</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.18%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:9.5%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">320</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">3<a name="PB_3_121410_141"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">B.&#160; BALANCE
SHEET INFORMATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:22.5%;">
  <p align="center" style="margin:0in 0in .0001pt .3in;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:22.5%;">
  <p align="center" style="margin:0in 0in .0001pt .3in;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">Reconciling<br>
  items</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Canadian
  GAAP</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">U.S.
  GAAP</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Canadian<br>
  GAAP </font><i><font size="1" style="font-size:5.0pt;font-style:italic;position:relative;top:-2.0pt;">(1)</font></i><font size="1" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;position:relative;top:-2.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 1.45pt .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">U.S. GAAP </font><i><font size="1" style="font-size:5.0pt;font-style:italic;position:relative;top:-2.0pt;">(1)</font></i><i><font size="1" style="font-size:8.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Assets</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Property,
  plant and equipment, net</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">I</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">7,578</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">7,594</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6,034</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6,024</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Goodwill</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">IX</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">434</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">409</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">142</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">142</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net
  risk management assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">X</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">245</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">216</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">171</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">171</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(including
  current portion)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Other
  assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">III</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">102</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">102</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">39</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">34</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Liabilities</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Long-term
  debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">4,411</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">4,411</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,564</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,566</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deferred
  credits and other liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">V</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">136</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">254</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">131</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">212</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net
  future or deferred income tax liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">I,&nbsp;II,
  V, VII, IX, X</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">473</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">438</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">359</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">331</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(including
  current portion)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-controlling
  interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">VIII</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">478</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">469</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Equity</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Contributed
  surplus</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">IV</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">133</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">132</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Retained
  earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">III,
  IV, V, VII, VIII</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">634</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">436</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">688</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">540</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Accumulated
  other comprehensive income</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">I,
  V</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">126</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">69</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">61</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:34.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Non-controlling
  interests</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="1" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;">VIII</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">478</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">469</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="1" face="Times New Roman" style="font-size:4.5pt;position:relative;top:-2.0pt;">(1)&#160;&#160;&#160; </font><font size="1" style="font-size:7.0pt;">Certain of the comparative figures have
been reclassified to conform with the current year&#146;s presentation. Such
reclassification did not impact previously reported net earnings or retained
earnings. Refer to Note 2 of the annual audited consolidated financial
statements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">C.&#160; RECONCILING ITEMS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">I.&#160; Cash
Flow Hedges</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Under
Canadian GAAP, certain gains and losses on derivatives designated as cash flow
hedges can be included in the carrying amount of the underlying hedged item.
Under U.S. GAAP, these gains and losses must be reclassified to Other
Comprehensive Income (&#147;OCI&#148;).&#160; In
addition, amounts from cash flow hedges must be reclassified from OCI into net
earnings in the same period during which the underlying hedged item affects net
earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">II.&#160; Income
Taxes</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Future
income taxes under Canadian GAAP are referred to as deferred income taxes under
U.S. GAAP.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deferred
income taxes under U.S. GAAP are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="70%" style="border-collapse:collapse;width:70.0%;">
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.72%;">
  <p align="right" style="margin:0in .15in .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Future
  income tax liabilities (net) under Canadian GAAP</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(473</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(359</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Start-up
  costs</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">-</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Pensions</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">32</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">23</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Cash
  flow hedges</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(4</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Embedded
  derivatives</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">7</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">-</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deferred
  income tax liabilities (net) under U.S. GAAP</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(438</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(331</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Comprised
  of the following:</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2008</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Current
  deferred income tax assets</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">17</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Long-term
  deferred income tax assets</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">243</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">271</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Current
  deferred income tax liabilities</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(57</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(9</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Long-term
  deferred income tax liabilities</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(641</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(596</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="57%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:57.12%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.14%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(438</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.36%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(331</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">4<a name="PB_4_121410_7608"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Jan.&nbsp;1, 2007, TransAlta adopted Financial Accounting Standards Board (&#147;FASB&#148;)
Interpretation 48, <i>Accounting for Uncertainty
in Income Taxes</i> (&#147;FIN 48&#148;), now contained in FASB Accounting
Standards Codification (&#147;ASC&#148;) Topic 740, <i>Income Taxes.</i>
As of Dec.&nbsp;31, 2009, the Corporation has $111 million of unrecognized tax
benefits (2008 - $120 million). These unrecognized tax benefits, if recognized,
would affect the effective tax rate. No material increase or decrease in
unrecognized tax benefits is expected in the next 12 months.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
reconciliation between the opening and closing unrecognized tax benefits is
provided below:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;width:95.0%;">
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Accounting for Uncertainty in Income Taxes </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Balance,
  Dec.&nbsp;31, 2007</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">135</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Decrease
  as a result of tax positions taken during a prior period</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(15</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Balance,
  Dec.&nbsp;31, 2008</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">120</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Increase
  as a result of tax positions taken during a prior period</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Decrease
  as a result of settlements with taxation authorities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(12</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Balance, Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">111</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
Corporation&#146;s income tax filings are subject to audit examination by taxation
authorities.&#160; As at Dec.&nbsp;31, 2009,
the tax years that remain subject to examination in major jurisdictions are:
1997 &#150; 2009 in Canada, 2006 &#150; 2009 in the U.S., 2003 &#150; 2008 in Mexico, and 1996-2009
in Australia.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
Corporation&#146;s accounting policy is to include interest and penalties as a
component of income taxes.&#160; As at Dec.&nbsp;31,
2009, the amount of interest and penalties included in deferred income tax
liabilities is $5 million (2008 - $8 million).</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">III.&#160;
Start-Up Costs</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Starting in 2009, under Canadian GAAP start up costs
are no longer deferred and amortized.&#160;
Consequently, the adjustment for start-up costs that was previously
recorded to reconcile Canadian GAAP to U.S. GAAP has been determined to be
unnecessary.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">IV.&#160;
Contributed Surplus</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">In
1998, the Corporation transferred generation assets to one of its subsidiaries,
TA Cogen. TA Power, an unrelated entity, concurrently subscribed to a minority
interest in TA Cogen.&#160; The fair value
paid by TA Cogen for the assets exceeded their historical carrying values.&#160; For Canadian GAAP, the Corporation recognized
a portion of this difference, to the extent it was funded by TA Power&#146;s
investment in TA Cogen, as a gain on disposition. TA Power held an option to
resell its interest in TA Cogen to the Corporation in 2018, but in 2003, TA
Power&#146;s option to resell these units was eliminated and the unamortized balance
of the gain was recognized in income.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Under
FASB Accounting Research Bulletin (&#147;ARB&#148;) No.&nbsp;51, <i>Consolidated
Financial Statements, </i>now contained in FASB ASC Topic 810, <i>Consolidation,</i> the option initially held by TA Power to
potentially resell TA Cogen units to the Corporation in 2018 causes the excess
of the consideration paid by TA Power over the Corporation&#146;s historical
carrying value in these assets to be characterized as contributed surplus.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">V.&#160; Pension
Plans</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">An
additional difference between Accumulated Other Comprehensive Income (&#147;AOCI&#148;)
under Canadian and U.S. GAAP is related to the adoption of Financial Accounting
Standards No.&nbsp;158 (&#147;SFAS 158&#148;), <i>Employers&#146; Accounting for
Defined Benefit Pension and Other Postretirement Plans</i>, now
contained in FASB ASC Topic 715, Compensation &#150; Retirement Benefits. Under U.S.
GAAP, gains and losses recognized on pension plans and post-retirement benefits
are recorded to OCI but are charged to earnings as services are rendered under
Canadian GAAP. Consequently, the pension benefit cost under U.S. GAAP is impacted
by the amounts amortized through AOCI which does not affect the pension benefit
cost under Canadian GAAP. The pension benefit cost is adjusted for this
difference.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Pre-tax
amounts recognized in AOCI are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;width:95.0%;">
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="36%" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="35%" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Pension<br>
  benefits</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other<br>
  benefits</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Pension<br>
  benefits</font></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Other<br>
  benefits</font></p>
  </td>
  <td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net
  actuarial loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(80</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(11</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(91</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(60</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(1</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:10.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(61</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Past
  service cost</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(4</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(2</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(3</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Difference
  between Canadian and U.S. GAAP included in AOCI</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(82</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(13</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(95</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(62</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(4</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.3%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(66</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">5<a name="PB_5_121410_8146"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Pre-tax
amounts recorded in Other Comprehensive Income (&#147;OCI&#148;) were as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.48%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">As at Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="41%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="1%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.48%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Pension<br>
  benefits</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Other<br>
  benefits</font></b></p>
  </td>
  <td width="13%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:55.48%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amortization
  of net loss from AOCI to net income</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(1</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(2</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:55.48%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net
  actuarial loss</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">24</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">12</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">36</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.88%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="415" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="90" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="90" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="90" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
estimated net actuarial loss and prior service cost for the defined benefit
pension plans that will be amortized from AOCI into net periodic benefit cost
over the next fiscal year are $3 million and nil, respectively.&#160; The estimated net actuarial loss and prior
service cost for the other defined benefit postretirement plans that will be
amortized from AOCI into net periodic benefit cost over the next fiscal year are
$1 million and nil, respectively.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The components of AOCI under U.S. GAAP for adjustments
as disclosed in reconciling items I and V are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Cumulative
  unrealized gains (losses) on translating self-sustaining foreign operations,
  net of hedges and tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(63</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Cumulative
  unrealized gains (losses) on cash flow hedges, net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">201</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">48</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Pensions,
  net of tax</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(69</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">)</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(47</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Accumulated other comprehensive income</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">69</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">VI.&#160; Joint
Ventures</font></b></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">In
accordance with Canadian GAAP, joint ventures are required to be
proportionately consolidated regardless of the legal form of the entity.&#160; Under U.S. GAAP, incorporated joint ventures
are required to be accounted for by the equity method.&#160; However, in accordance with practices prescribed
by the SEC, the Corporation, as a Foreign Private Issuer, has elected to account
for incorporated joint ventures using the proportionate consolidation method.
See disclosure of the amounts proportionately consolidated in Note 32 of the
Corporation&#146;s 2009 annual audited consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">VII.&#160;
Share-Based Payment</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Under
U.S. GAAP, the Corporation is required to measure the cost of employee services
received in exchange for an award of cash-settled instruments based on the
current fair value of the award. The fair value of the award will be remeasured
subsequently at each reporting date through the settlement date.&#160; Changes in fair value during the service
period will be recognized as compensation expense over that period.&#160; FAS 123(R), now contained in FASB ASC Topic
718, <i>Compensation &#151; Stock Compensation,</i> also
requires that the adjusted fair value of these instruments be classified as a
liability instrument rather than as an equity instrument. The difference in
measurement had no impact on the financial information presented herein as it
was immaterial.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">VIII.&#160; Sale
of Minority Interest</font></b></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">During the second quarter of 2009, the
Corporation sold 17 per cent of its Kent Hills project to Natural Forces
Technologies Inc. and recorded a pre-tax gain of $1 million in accordance with
Canadian GAAP.&#160; FAS 160, <i>Noncontrolling Interests in Consolidated Financial Statements</i>,
now contained in FASB ASC Topic 810,<i> Consolidation</i>,
requires that any difference between the fair value of the consideration
received and the amount by which the non-controlling interest is adjusted
should be recognized in equity attributable to the parent.&#160; As at Dec.&nbsp;31, 2009, $1 million of other
income has been reclassified and included in retained earnings.</font></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">IX.&#160;
Acquisition of Canadian Hydro Developers</font></b></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:normal;">On Oct.&nbsp;23, 2009, TransAlta completed the
acquisition and payment for 87 percent of the outstanding common shares of
Canadian Hydro Developers. On Nov.&nbsp;4, 2009, TransAlta acquired the
remaining 13 percent of the issued and outstanding shares. The total cash
consideration paid was $755 million. This acquisition resulted in acquired
intangibles of $176 million which have a weighted average amortization period
of 19 years and goodwill of $278 million. No amounts of goodwill were
deductible for tax purposes. The results of Canadian Hydro Developers are
included in the consolidated financial statements of the Corporation from the
acquisition date of Oct.&nbsp;23, 2009.</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>

<p style="border:none;font-weight:bold;line-height:normal;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:normal;">Under U.S. GAAP, FASB ASC Topic 805, <i>Business Combinations, </i>the acquisition method is applied where
the identifiable assets acquired and liabilities assumed are measured at their
acquisition-date fair value. Acquisition-related costs of $26 million, net of
tax were expensed under U.S. GAAP rather than capitalized, as was done under
Canadian GAAP.</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Through
the acquisition of Canadian Hydro Developers, TransAlta will have unparalleled
operational and development expertise, a robust growth portfolio, and a strong
balance sheet. By expanding the wind operations, TransAlta will be well
positioned as a North American leader in renewable energy.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">6<a name="PB_6_121411_7091"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
details of the cash consideration are as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Cost
of the transaction</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;width:95.0%;">
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total
  shares acquired (millions)</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">143.8</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Price
  per share</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5.25</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total cash consideration</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">755</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
following table summarizes the estimated fair values of assets acquired and
liabilities assumed as of the acquisition date:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;width:95.0%;">
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Assets:</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Current
  assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">49</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Property,
  plant, and equipment</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">1,291</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Intangible
  assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">176</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Development
  costs</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">22</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Goodwill</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">278</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total
  assets acquired</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,816</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Liabilities:</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Current
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">54</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Current
  risk management liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">6</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Long-term
  risk management liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">34</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Long-term
  debt</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">931</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deferred
  income tax liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">33</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Asset
  retirement obligation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">3</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total
  liabilities assumed</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,061</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total purchase price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">755</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Although
TransAlta does not anticipate material changes to this preliminary allocation,
the values may change when the evaluation of fair value information is
complete.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
following table reflects the operating results of Canadian Hydro Developers that
have been included in the consolidated financial statements since the date of
acquisition:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;width:95.0%;">
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">For the period ended Dec.&nbsp;31, 2009</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">29</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net
  earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&#150;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
following table reflects pro forma operating results for the Corporation,
assuming the acquisition of Canadian Hydro Developers occurred as of the
beginning of each of the periods presented:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;width:95.0%;">
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Year ended Dec.&nbsp;31</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.5%;">
  <p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2009</font></b></p>
  </td>
  <td width="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2008</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Revenue</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">2,855</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,190</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="70%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net
  earnings</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">162</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">261</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">X.&#160; Embedded
Derivatives</font></b></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Under U.S. GAAP, FASB ASC
Topic 815, <i>Derivatives and Hedging, </i>an embedded
foreign currency derivative instrument is required to be separated from its
host contract when the currency in which the price of the related good or
service that is acquired or delivered is not routinely denominated in
international commerce and is not the functional currency of the parties to the
contract. Under Canadian GAAP, the separation of the embedded derivative is not
required since the currency of the embedded foreign currency derivative
instrument is commonly used in contracts to purchase or sell non-financial
items in the economic environment in which the transaction takes place.&#160; As a result of the difference in standards
for recognizing embedded foreign currency derivatives, TransAlta was required
to separately record an embedded derivative under U.S. GAAP.&#160; The amount of the separated embedded foreign
currency derivative instrument recognized is $29 million and the unrealized
loss of $21 million, net of tax has been recognized in net earnings.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">XI.&#160; Private
Equities</font></b></p>

<p style="margin:0in 0in .0001pt .7pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">TransAlta
holds private equity funds in its Canadian pension plan that are entered into
under ten year agreements at which time they are redeemed. These private
equities seek to provide a return to investors with the following strategies: North
Pole Capital Investments Limited Class&nbsp;A Series&nbsp;1 is a multi-strategy
hedge fund that seeks to inexpensively acquire volatility from multiple, uncorrelated
sources in order to produce absolute returns for investors in all market
conditions. Lumira Capital I Limited Partnership holds a mixture of public and
private companies in the life sciences sector. Novacap II, L.P. operates a
venture capital business specializing in the manufacturing sector and
technology sector. Northleaf Global Private Equity Investors I seeks to build a
diversified portfolio of investments in private equity funds managed by fund
mangers with a focus on investments in venture capital and buyout funds,
principally in North America and Western Europe.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">7<a name="PB_7_121411_455"></a></font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">D.&#160; CHANGES
IN ACCOUNTING STANDARDS</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">I.&#160; Current
Accounting Changes</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1. Decreases in Ownership
of a Subsidiary</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Dec.&nbsp;31,&nbsp;2009, the Corporation adopted ASU&nbsp;2010-02, <i>Accounting and Reporting for Decreases in Ownership of a Subsidiary &#151; a
Scope Clarification</i>, now contained in FASB ASC Topic 810, <i>Consolidation. </i>&#160;This
amendment clarifies scope and disclosure requirements for a decrease in
ownership of a subsidiary when an entity ceases to have a controlling interest
in the subsidiary. The implementation of this standard did not have an impact
on this financial information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2. Measuring Fair Value of
Certain Alternative Investments</font></p>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Dec.&nbsp;31,&nbsp;2009, the Corporation adopted ASU&nbsp;2009-12, <i>Investments in Certain Entities That Calculate Net Asset Value per
Share (or Its Equivalent)</i>. ASU 2009-12 amends FASB ASC Topic 820, <i>Fair Value Measurements and Disclosure</i>, to provide
additional measurement guidance and disclosures on the fair value of certain
alternative investments such as private equity. Disclosure required as a result
of adopting this standard can be found in Note XI of this financial information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3.
Employers&#146; Disclosure about Pensions and Other Postretirement Benefits</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Dec.&nbsp;31, 2009, the Corporation adopted FASB Staff Position FAS 132(R)-1, <i>Employers&#146; Disclosures about Postretirement Benefit Plan Assets</i>,
to provide increased disclosure on the assets of a defined benefit pension or
other postretirement plan. FSP FAS 132(R)-1 is now contained in FASB ASC Topic
715, <i>Compensation &#151; Retirement Benefits.</i>&#160; Disclosure that meets the requirement of this
standard can be found in Note 31 of the Corporation&#146;s 2009 annual audited consolidated
financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4. FASB Accounting
Standards Codification </font><font size="1" style="font-size:5.0pt;position:relative;top:-2.0pt;">TM</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On Sept. 30, 2009, the
Corporation adopted Accounting Standards Update (&#147;ASU&#148;) No.&nbsp;2009-01, <i>The FASB Accounting Standards Codification</i></font><i><font size="1" style="font-size:5.0pt;font-style:italic;position:relative;top:-2.0pt;">TM</font></i><i><font size="1" style="font-size:8.0pt;font-style:italic;">&#160;and the Hierarchy of Generally Accepted
Accounting Principles</font></i><font size="1" style="font-size:8.0pt;">, previously issued as the Statement of Financial Accounting Standard No.&nbsp;168.
The Codification is approved as the single source of authoritative
nongovernmental U.S. GAAP which does not change current U.S. GAAP, but is
intended to simplify user access to all authoritative U.S. GAAP by providing
all the authoritative literature related to a particular topic in one place.
All existing accounting standard documents will be superseded and all other
accounting literature not included in the Codification will be considered
non-authoritative.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5.
Measuring Liabilities at Fair Value</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Sept. 30,&nbsp;2009, the Corporation adopted ASU&nbsp;2009-05, <i>Measuring Liabilities at Fair Value</i>. ASU 2009-05 amends FASB
ASC Topic 820, <i>Fair Value Measurements and Disclosure</i>,
previously issued as FSP, FAS 157-f, <i>Measuring Liabilities at
Fair Value</i>, for the fair value measurement of liabilities when a
quoted price in an active market is not available. The implementation of this
standard did not have an impact on this financial information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6.
Accounting for Own-Share Lending Arrangements</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
July&nbsp;1, 2009, the Corporation adopted Emerging Issues Task Force (&#147;EITF&#148;)
Issue No.&nbsp;09-1, <i>Accounting for Own-Share
Lending Arrangements in Contemplation of Convertible Debt Issuance</i>,
now contained in ASU 2009-15. The issue requires an entity to initially measure
a share-lending arrangement at fair value and for it to be treated as an
issuance cost, and to exclude the shares borrowed under the share-lending
arrangement from basic and diluted EPS. ASU 2009-15 also requires the entity to
record a loss in current earnings equal to the fair value of the shares
outstanding less any recoveries if it becomes probable that the counterparty
will default on the arrangement. The implementation of this standard did not
have an impact on this financial information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7.
Subsequent Events</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
June&nbsp;30, 2009, the Corporation adopted FASB Statement No.&nbsp;165, <i>Subsequent Events</i>, now contained in FASB ASC Topic 855, <i>Subsequent Events</i>, which establishes general standards of
accounting for and disclosure of events that occur after the balance sheet date
but before financial statements are issued or available to be issued.&#160; Disclosure that meets the requirement of this
standard can be found in Note 33 of the Corporation&#146;s 2009 annual audited
consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">8.
Fair Value of Financial Instruments Disclosures</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
June&nbsp;30, 2009, the Corporation adopted FASB Staff Position FAS 107-1,
Interim <i>Disclosures about Fair Value of Financial
Instruments</i>, now contained in FASB ASC Topic 825, <i>Financial Instruments</i>, which requires disclosures about fair
value of financial instruments for interim and annual reporting periods. As a
result of adopting this standard, summarized financial information on financial
instruments provided at annual reporting periods is additionally disclosed at
interim reporting periods.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">8<a name="PB_8_121411_4141"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">9.
Disclosure on Determining Fair Value When Market Value Declines</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
June&nbsp;30, 2009, the Corporation adopted FASB Staff Position FAS 157-4, <i>Determining Fair Value When the Volume and Level of Activity for the
Asset or Liability Have Significantly Decreased and Identifying Transactions
That Are Not Orderly</i>, now contained in FASB ASC Topic 820<i>, Fair Value Measurements and Disclosures</i>, which provides
guidance for estimating the fair value when the volume of activity for the
asset or liability has significantly decreased. Topic 820 requires disclosure
of any change in the valuation technique used to evaluate fair value when the
volume has significantly decreased such as moving from a market approach to an
income approach or moving to a multiple valuation technique. Additional
guidance is provided to identify when a transaction is a forced liquidation or
distressed sale. The implementation of this standard did not have an impact on
this financial information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">10.
Recognition and Presentation of Other-Than-Temporary Impairments</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
June&nbsp;30, 2009, the Corporation adopted FASB Staff Position FAS 115-2 and
FAS 124-2, <i>Recognition and Presentation of
Other-Than-Temporary Impairments</i>, now contained in FASB ASC Topic
320, <i>Investments &#151; Debt and Equity Securities</i>,
which provides guidance on estimating fair value when the volume and level of
transaction activity for an asset or liability has significantly decreased in
relation to normal market activity for the asset or liability. The
implementation of this standard did not have an impact on this financial
information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">11.
Business Combinations</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Jan.&nbsp;1, 2009, the Corporation adopted FASB Statement No.&nbsp;141(R),
Business Combinations, now contained in FASB ASC Topic 805, <i>Business Combinations.</i> This standard results in significant
changes with respect to accounting for business combinations in consolidated
financial statements. Disclosure required as a result of adopting this standard
can be found in Note IX of this financial information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">12.
Non-controlling Interests</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Jan.&nbsp;1, 2009, the Corporation adopted FASB Statement No.&nbsp;160, <i>Noncontrolling Interests in Consolidated Financial Statements</i>
&#151; <i>an amendment of ARB No.&nbsp;51</i>, in
conjunction with the IASB standards and now contained FASB ASC Topic 810, <i>Consolidation</i>. Under Topic 810, changes in ownership
percentages without loss of control are treated as equity transactions. Non-controlling
interests are required to be reported under equity and the income attributable
to the non-controlling interests is to be disclosed. Disclosure that meets the
requirement of this standard can be found in the Earnings, Earnings per Share (&#147;EPS&#148;)
and Comprehensive Income Information and the Balance Sheet Information in this
reconciliation.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">13.
Disclosures about Derivative Instruments and Hedging Activities</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Jan.&nbsp;1, 2009, the Corporation adopted FASB Statement No.&nbsp;161, <i>Disclosures about Derivative Instruments and Hedging Activities</i>
&#151; an amendment of FASB Statement No.&nbsp;133, now contained in FASB ASC Topic
815, <i>Derivatives and Hedging</i>. Topic 815 is
intended to improve financial reporting about derivative instruments and
hedging activities by requiring entities to provide enhanced disclosures about (a)&nbsp;how
and why an entity uses derivative instruments, (b)&nbsp;how derivative
instruments and related hedged items are accounted for under Topic 815 and its
related interpretations, and (c)&nbsp;how derivative instruments and related
hedged items affect an entity&#146;s financial position, financial performance, and
cash flows.&#160; Disclosure that meets the
requirement of this standard can be found in Notes 7 and 9 of the Corporation&#146;s
2009 annual audited consolidated financial statements.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">14.
Determination of the Useful Life of Intangible Assets</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Jan.&nbsp;1, 2009, the Corporation adopted FSP FAS 142-3<i>,
Determination of the Useful Life of Intangible Assets</i>. FSP FAS
142-3, now contained in FASB ASC Topic 350, <i>Intangibles &#150; Goodwill and
Other</i>, amends the factors that should be considered in developing
renewal or extension assumptions used to determine the useful life of a
recognized intangible asset under SFAS&nbsp;142. The intent of FSP FAS 142-3 is
to improve the consistency between the useful life of a recognized intangible
asset under SFAS&nbsp;142 and the period of expected cash flows used to measure
the fair value of the asset under SFAS&nbsp;141(R)&nbsp;and other applicable
accounting literature.&#160; The
implementation of this standard did not have an impact on this financial
information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">15.
Issuer&#146;s Measurement of Debt with a Third-Party Credit Enhancement</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">On
Jan.&nbsp;1, 2009, the Corporation adopted EITF Issue No.&nbsp;08-5, <i>Issuer&#146;s Measurement of Debt with a Third-Party Credit Enhancement,</i>
now contained in FASB ASC Topic 820, <i>Fair Value Measurements
and Disclosures</i>. This issue addresses that a separable third-party
enhancement, such as a financial guarantee, should not be included in the fair
value measurement of the liability. The implementation of this issue did not
have an impact on this financial information.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">9<a name="PB_9_121411_8627"></a></font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">II.&#160; Future Accounting
Changes</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1.
Variable Interest Entities</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">In
December&nbsp;2009, the FASB issued ASU No.&nbsp;2009-17, <i>Improvements
to Financial Reporting by Enterprises Involved with Variable Interest Entities,
</i>which is a result of FAS 167 issued in June&nbsp;2009 and is now
contained in FASB ASC Topic 810, <i>Consolidations. </i>Statement
167 is a revision to FASB Interpretation No.&nbsp;46(R), <i>Consolidation
of Variable Interest Entities</i> and it provides guidance on how to
determine when an entity that is insufficiently capitalized or is not
controlled through voting (or similar rights) should be consolidated. This
standard will be effective for the Corporation on Jan.&nbsp;1, 2010. The
Corporation is currently assessing the impact of adopting this standard on this
financial information.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.
Transfers of Financial Assets</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">In
December&nbsp;2009, the FASB issued ASU No.&nbsp;2009-16, <i>Accounting
for Transfers of Financial Assets</i>, which is a result of FAS 166
issued in June&nbsp;2009 and is now contained in FASB ASC Topic 860, <i>Transfers and Servicing. </i>Statement 166 is a revision to
Statement No.&nbsp;140, <i>Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities</i>
and will require more disclosure on transfers of financial assets, including
securitization transactions and continued exposure to the risks related to
transferred financial assets. It also eliminates the concept of a &#147;qualifying
special-purpose entity,&#148; and provides requirements for derecognizing financial
assets. This standard will be effective for the Corporation on Jan.&nbsp;1,
2010. The Corporation is currently assessing the impact of adopting this
standard on this financial information.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">10<a name="PB_10_121411_7906"></a></font></p>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>a10-4104_1ex23d1.htm
<DESCRIPTION>EX-23.1 CONSENT OF ERNST AND YOUNG LLP CHARTERED ACCOUNTANTS.
<TEXT>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Arial" style="font-size:8.0pt;font-weight:bold;">Ernst &amp; Young LLP<br>
  Chartered Accountants<br>
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  Calgary, Alberta T2P 5E9<br><br></font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Tel: 403 290 4100</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">Fax: 403 290 4265</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">ey.com/ca</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">CONSENT OF INDEPENDENT AUDITORS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We consent
to the use of our reports dated February&nbsp;23, 2010 with respect to the
consolidated financial statements of TransAlta Corporation (the &#147;Corporation&#148;)
as at December&nbsp;31, 2009 and 2008 and for each of the years in the three
year period ended December&nbsp;31, 2009, and internal control over financial
reporting as of December&nbsp;31, 2009 of TransAlta Corporation, included as an
exhibit to or incorporated by reference in the Annual Report (Form&nbsp;40-F)
for 2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We also
consent to the use of our audit report dated February&nbsp;23, 2010 to the
Board of Directors of the Corporation with respect to the Reconciliation to
United States Generally Accepted Accounting Principles as at December&nbsp;31,
2009 and 2008 and for each of the years in the three year period ended December&nbsp;31,
2009, included as an exhibit to or incorporated by reference in the Annual
Report (Form&nbsp;40-F) for 2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">We also
consent to the incorporation by reference in the following Registration
Statements:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">(1)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Registration Statement (Form&nbsp;S-8 No.&nbsp;333-72454 and
No.&nbsp;333-101470) pertaining to TransAlta Corporation&#146;s Share Option Plan</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Arial" style="font-size:10.0pt;">(2)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" face="Arial" style="font-size:10.0pt;">Registration Statement (Form&nbsp;F-10 No.&nbsp;333-155243
and No.&nbsp;333-162418) pertaining to the registration of Debt and Equity
Securities of TransAlta Corporation</font></p>

<p style="margin:0in 0in .0001pt .3in;text-indent:-.3in;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">of our
reports dated February&nbsp;23, 2010, with respect to the consolidated
financial statements of TransAlta Corporation as at December&nbsp;31, 2009 and
2008 and for each of the years in the three year period ended December&nbsp;31,
2009, internal control over financial reporting as of December&nbsp;31, 2009 of
TransAlta Corporation and the Reconciliation to United States Generally
Accepted Accounting Principles as of December&nbsp;31, 2009 and 2008 and for
each of the years in the three year period ended December&nbsp;31, 2009,
included as an exhibit to or incorporated by reference in the Annual Report (Form&nbsp;40-F)
of TransAlta Corporation for the year ended December&nbsp;31, 2009.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">signed &#147;Ernst&nbsp;&amp; Young LLP&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Calgary,
  Alberta</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial" style="font-size:10.0pt;">Chartered Accountants</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">February&nbsp;23,
  2010</font></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>7
<FILENAME>a10-4104_1ex31d1.htm
<DESCRIPTION>EX-31.1 CERTIFICATION OF CEO PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
<TEXT>

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<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;31.1</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certifications</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.35pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I,
Stephen G. Snyder, certify that:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">I have reviewed this annual report on Form&nbsp;40-F
of TransAlta Corporation;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">Based on my knowledge, the financial
statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations
and cash flows of the issuer as of, and for, the periods presented in this
report;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">The issuer&#146;s other certifying officer(s)&nbsp;and
I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and
15d-15(f)) for the issuer and have:</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
issuer, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is
being prepared;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Designed such internal control over
financial reporting, or caused such internal control over financial reporting 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 generally accepted
accounting principles;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Evaluated the effectiveness of the issuer&#146;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Disclosed in this report any change in
the issuer&#146;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is
reasonably likely to materially affect, the issuer&#146;s internal control over
financial reporting; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">The issuer&#146;s other certifying officer(s)&nbsp;and
I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s
board of directors (or persons performing the equivalent functions):</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#146;s ability
to record, process, summarize and report financial information; and</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
issuer&#146;s internal control over financial reporting.</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;24,
  2010</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Stephen G. Snyder</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen
  G. Snyder</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .1in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President
  and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>8
<FILENAME>a10-4104_1ex31d2.htm
<DESCRIPTION>EX-31.2 CERTIFICATION OF CFO PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.
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<p align="right" style="margin:0in 0in .0001pt 27.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;31.2</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certifications</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.35pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I,
Brian Burden, certify that:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">I have reviewed this annual report on Form&nbsp;40-F
of TransAlta Corporation;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">Based on my knowledge, the financial
statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations
and cash flows of the issuer as of, and for, the periods presented in this
report;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">The issuer&#146;s other certifying officer(s)&nbsp;and
I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and
15d-15(f)) for the issuer and have:</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the
issuer, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is
being prepared;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Designed such internal control over
financial reporting, or caused such internal control over financial reporting
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 generally accepted
accounting principles;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Evaluated the effectiveness of the issuer&#146;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Disclosed in this report any change in
the issuer&#146;s internal control over financial reporting that occurred during the
period covered by the annual report that has materially affected, or is
reasonably likely to materially affect, the issuer&#146;s internal control over
financial reporting; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#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><font size="2" style="font-size:10.0pt;">The issuer&#146;s other certifying officer(s)&nbsp;and
I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the issuer&#146;s auditors and the audit committee of the
issuer&#146;s board of directors (or persons performing the equivalent functions):</font></p>

<p style="margin:0in 0in .0001pt 27.0pt;text-align:justify;text-autospace:none;text-indent:-27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#146;s ability
to record, process, summarize and report financial information; and</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 63.35pt;text-align:justify;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#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><font size="2" style="font-size:10.0pt;">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
issuer&#146;s internal control over financial reporting.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;24,
  2010</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Brian Burden</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian Burden</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt .1in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>9
<FILENAME>a10-4104_1ex32d1.htm
<DESCRIPTION>EX-32.1 CERTIFICATION OF PRESIDENT AND CEO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>

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<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;32.1</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION
PURSUANT TO</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">18
U.S.C. SECTION&nbsp;1350,</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AS
ADOPTED PURSUANT TO</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;906
OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
connection with the Annual Report of TransAlta Corporation (the &#147;Company&#148;) on Form&nbsp;40-F
for the year ended December&nbsp;31, 2009 as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;), I, Stephen G. Snyder,
President and Chief Executive Officer of the Company, certify, pursuant to 18
U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Report fully complies with the
requirements of Section&nbsp;13(a)&nbsp;or 15(d), as applicable, of the
Securities Exchange Act of 1934, as amended; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The information contained in the Report
fairly presents, in all materials respects, the financial condition and result
of operations of the Company.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stephen G.
  Snyder</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen G.
  Snyder</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and
  Chief Executive Officer</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&nbsp; February&nbsp;24, 2010.</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
foregoing certification is being furnished solely to accompany the Report
pursuant to 18 U.S.C &#167; 1350, and is not being filed for purposes of Section&nbsp;18
of the Securities Exchange Act of 1934, as amended, and is not to be
incorporated by reference into any filing of the Company, whether made before
or after the date hereof, regardless of any general incorporation language in
such filing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>10
<FILENAME>a10-4104_1ex32d2.htm
<DESCRIPTION>EX-32.2 CERTIFICATION OF CFO PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002.
<TEXT>

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</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;32.2</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATION
PURSUANT TO</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">18
U.S.C. SECTION&nbsp;1350,</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AS
ADOPTED PURSUANT TO</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;906
OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
connection with the Annual Report of TransAlta Corporation (the &#147;Company&#148;) on Form&nbsp;40-F
for the year ended December&nbsp;31, 2009 as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;), I, Brian Burden,
Executive Vice President and Chief Financial Officer of the Company, certify,
pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Report fully complies with the
requirements of Section&nbsp;13(a)&nbsp;or 15(d), as applicable of the
Securities Exchange Act of 1934, as amended; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The information contained in the Report
fairly presents, in all materials respects, the financial condition and result
of operations of the Company.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Brian Burden</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian Burden</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&nbsp; February&nbsp;24, 2010.</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
foregoing certification is being furnished solely to accompany the Report
pursuant to 18 U.S.C &#167; 1350, and is not being filed for purposes of Section&nbsp;18
of the Securities Exchange Act of 1934, as amended, and is not to be
incorporated by reference into any filing of the Company, whether made before
or after the date hereof, regardless of any general incorporation language in
such filing.</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
